You know the ins and outs of building. You can visualize possibilities for rehabbing a run-down property in an instant. You have an intuitive sense of style and are quick to see what will work in a given location. You can quickly estimate costs and you know how to strike a bargain without sacrificing quality.
It's easy to be successful builder or developer these days in Washington, D.C., right?
Well, maybe not so much, unless you also know how to secure the development loans and construction financing you need. Unless you're either very lucky or very experienced, finding the right source for construction loans in Washington D.C. can be a major hurdle.
Tips for Securing Washington D.C. Hard Money Loans
Whether you're just starting out in the business or you are a small entrepreneur with a record of success, your best course of action is to develop an ongoing relationship with a lender. Look for the following:
- A proven track record of successful hard money loans;
- Demonstrated knowledge of building terms and procedures. Your lender should "speak your language;"
- Market knowledge, including understanding of neighborhood trends and awareness of "hot spots;"
- The ability to move quickly when opportunities arise, including the availability of bridge loans for small to mid-size Washington entrepreneurs;
- A true "partner" who has expertise with construction estimating and permitting, and is available to help you navigate pitfalls and eliminate delays during acquisition and renovation.
Understanding and Responding to the Market
In real estate, timing is critical, and the ability to track trends and respond to future needs is the key to success. But many Washington, D.C. financing sources have cumbersome guidelines and restrictive rules that create roadblocks for a small builder.
Working with a local hard money lender rather than a traditional bank or financing firm is a great benefit. Just be certain that your chosen "partner" not only understands the need for fast action but has available private funding to make it happen. Walnut Street Finance's simplified application procedures and individualized project assessments make that possible. An on-site meeting is critical to our process; we judge every project on its own merits. And, because we have field experience as builders and developers, we can visualize the end product. We also like to actually "see" what we are financing!
While we understand that you have a choice of hard money lenders, Washington, D.C. entrepreneurs appreciate our unique approach. We strive to develop ongoing relationships so that we have the leeway to respond effectively to those great deals. Why not contact us now? No matter what your current situation or your past experience, let's get to know one another so that we have the chance to work together in the future.
We'll be waiting to hear from you about your building and development plans.