Real estate developers, contractors and builders often seek non-traditional sources of project financing in lieu of bank or institutional funding. In many cases, banks and other institutional lenders do not wish to be on the “front end” of residential and commercial developments, as they perceive the acquisition and development process far more risky than simple vertical construction after the property is made ready by the developer.
In the absence of dependable bank financing for land acquisition and development (A&D), a network of private money lenders has sprung up across the Unites States. These companies offer A&D financing at slightly higher than bank rates in exchange for speedy underwriting and quick funding. Developers have grown to rely on the more dependable financing these companies offer and if given the choice between quick private money at higher rates and uncertain and time-consuming bank financing, the private money loan is often preferred.
Having a great deal of development experience, the members of Northwest Capital connection, LLC. are uniquely qualified to examine a potential borrower’s loan request package, understand the project and make judgments about whether the package meets the criteria for successful funding. Also, our experience helps us understand the appetites and capacities of the various private money lenders. In short, we know which lenders like what kind of projects and how much they are comfortable lending. When a potential borrower asks us to find funding for a project. We examine the project, the loan request package and the borrower’s experience level and know immediately which particular private money lender the project is suited for.
When a loan request package is complete and ready for submission, borrower and lender are put together, and then we step aside and let them do their business.
Years of development experience, knowledge of what constitutes a fundable real estate transaction and our all-business, no nonsense service to our borrower clients puts Northwest Capital Connection, LLC. in the very front row of private money brokers.
William Schroder