MJ here.

I will admit it, I am not at all experienced in ground up construction. A past client of mine wants to partner 50/50 with a licensed general contractor in his area which is near Seattle Washington. They are going to set up an LLC together and both be on the loan. One has perfect credit, the other in the high 600s. Income strong for both, low six figures. The contractor can show 18 years experience. The investor owns a duplex and an sfr rental. Never done construction but I figure the contractor's experience will be more than enough.

Looking to purchase the land with their own money. They want to then finance 100% of the build which will be for a single family home in Bellevue, Washington. Bellevue is a town of almost 200,000 people located about 15 minutes from Seattle. It is a higher end area with nice homes and a booming downtown. My clients have chosen an off market plot of land they can purchase for $390,000. They will be asking to borrower $650,000 for the construction of a very nice 2200 square foot home. They plan on selling the home after completion, with a purchase price somewhere around $1.5 million.

Any lenders have a good GUC product?

Please message me or comment. DM is great so I can call you if I am interested.

Thanks all!


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