July was an eventful month here at Builders Capital. We’ve worked with twenty-three borrowers across nine states to fund thirty-two projects that will put new supply in the marketplace to meet the ongoing demand for housing.
One project we worked on was in Orcutt, California. The funding provided for this project alone supports the construction of 50 homes in an area seeing rapid growth. The borrower expressed their need to move fast to keep building cost fluctuations at a minimum. They chose us because we were able to offer the flexibility they needed to pace their project.
We also worked with a Borrower in Garden City, Idaho, to fund a project supporting the construction of townhomes. Garden City sits just next to Boise, which, according to Realtor.com, is the number 4 housing market in the US.
Down in the Southeast, we worked with a production home builder to build 48 units. This borrower has done repeat business with us since 2019 on projects across Florida. During the planning of a recent project, an engineering issue delayed the start by several months. Builders Capital worked with the borrower to resolve the problems to keep the project moving forward. The borrower’s business plan has Builders Capital as their primary lender for their future projects, “When it comes to needing funding for our single or multi-family projects, we turn to Builder’s Capital for all of our construction lending needs.”
Part of this expanded presence comes with the relationships we have developed with brokers within our Wholesale division. Brokers engage with borrowers on upcoming projects, and we can support their client’s needs when they need funding. In July, we worked with just over a dozen brokers across six states. It’s their client; it’s our capital, everyone wins.
While it is necessary to fund new projects, it’s essential to maintain the first-in-class service we have been known for over the last decade. To ensure we are exceeding our borrower’s expectations, we solicit feedback after we close each loan. We measure the results through a system called Net Promoter Score (NPS). The benchmark for the financial industry is a score of 35, which translates to highly favorable. Builders Capital is maintaining a score in the 60’s. That score is earned through our dedication to service and applying feedback from our borrowers. As one of the borrowers mentioned, “It was a transaction without surprises, what we talked about from day one was always maintained, the most important thing for us is to be able to count on the word of our business partners.”
We have some other news to share. It is with great excitement that we announce the relocation of our headquarters to Puyallup, Washington! We are making this move to accommodate our expanding team, which has nearly doubled in the last 12 months. The new location will have the latest infrastructure and technology to support our relentless focus on borrower/builder-oriented lending solutions.
August promises to be another busy month, but we are ready to roll up our sleeves and work at the pace of our borrowers. We’re grateful for the relationships we have developed and look forward to making some new friends in the coming months.
”When it comes to needing funding for our single or multi-family projects, we turn to Builder's Capital for all of our construction lending needs."