In a recent interview with the Associated Press, the CEO of Century 21, Mike Miedler, discussed the pressing need for more homes to be built as part of the solution to the current tight inventory situation for buyers. He says, “...what’s happened this last decade is anywhere from 3.5 million to 5-plus million homes that we’re short.”
He calls for builders to shift from just creating high-end properties to breaking ground on homes that will be better suited to first-time buyers. “I think that’s really the solve to all of this,” he says.
With our Ground-Up loans, RFG can finance 100% of construction costs, 70% of Purchase, and up to 70% ACV (As Completed Value) for those building 1-4 residential housing units.
In the case of larger and mixed-use properties, we can fund projects of up to 8 units and those with mixed use designations on a case by case basis.
Who can qualify for these Ground-Up Loans? It’s important that the home builder has experience, having completed at least two prior projects. But the borrower can be a new investor and still qualify, even without previous experience.
Industry insights, expert tips, and proven strategies! Debut webinar: Wednesday, Oct 25, 2023 at 1 P.M. EDT Brian Mingham and Rick Sharga will be sharing their unique expert insight regarding many topics critical to achieving success in the world of real estate investment. Topics will include an overall view of the current market, housing supply and interest rates plus the key elements to successful construction management such as how to establish and manage your rehab or build project budget. In addition, they will be answering many of your REI questions.
