October was a great start to quarter four at Builders Capital. This month we originated loans for projects in over a dozen states to help meet the critical needs for housing throughout the nation.
Early in the month, Builders Capital was happy to announce that we’ve raised an additional $500 million dollars in funding. This additional capital allows us to expand our offering of innovative loan products, including our recently launched Warehouse Revolving Asset Pool (W.R.A.P.). This loan is an industry first in the private lending space.
W.R.A.P. allows builders to pool any of the loan programs Builders Capital offers. From horizontal land development through vertical construction; borrowers can revolve these facilities over the course of a 24-36 month period. This program has proven to offer extreme flexibility to home builders while reducing their cost of funds close to 50% in most cases. W.R.A.P. provides speed, flexibility, and massive savings all wrapped up into one program.
Meeting Residential Construction Lending Needs:
Speed, efficiency, and flexibility in lending continue to be crucial in today’s market, where market demand far exceeds supply across the country. This month in Florida, we assisted a homebuilder in securing the capital to acquire and renovate a 9-unit apartment project in Orlando’s Hourglass District.
When the borrower contacted Builders Capital, they expressed their urgency for getting the funds quickly. They had a quick close, needing to sign in just 11 days. The process from application through funding was just six business days, and our borrower made it to closing on time with the capital they needed. This is one example of the Builders Capital team pulling together to quickly get our borrowers access to funds in this rapidly evolving market.
“We’re so impressed by how fast you all worked to get our loan processed and funded. Thank you again for helping us get this one done on an accelerated schedule. Look forward to our next opportunity to work together.”
The need for efficiency in residential construction lending does not stop at funding. Our borrowers can depend on best-in-class service from initial application through final payoff. Our servicing department continues to out-perform the industry, maintaining an average of 3-5 business days to fund draws, getting capital quickly into the hands of builders.
Wholesale Brokers continue to rapidly adopt the innovative technology platform Builders Capital designed exclusively for Brokers (my.Builders-Capital.com) where Brokers can white label pricing quotes, send borrowers white labeled applications, and have visibility to the status of the loan origination all from within the portal.
Looking Ahead:
As we look ahead, November is already full of projects and innovation as we continue to put our borrowers first by providing builder-oriented solutions. We value the relationships we’ve built and look forward to growing even more as we approach the holiday season.
