Ponte Vedra Beach, Florida (November 1, 2023) ‒ Snap.Build, a best-in-class fintech company for the residential housing construction industry, specializes in working with the builder and lender communities to fund projects targeted to growing residential real estate areas with a concentration in the Build For Rent (BFR) category.
Today, BFR refers to the building segment made up of new, single-family homes which are a combination of detached free-standing residences as well as townhomes, duplexes and other single-family type homes — all built with the purpose of renting.
“At Snap.Build, we continue to believe in the BFR opportunities we see in our core markets across the country. Our builders that operate in this space benefit from our non-recourse loans and the speed and efficiency that our technology platform delivers. Ultimately BFR builders need a lending partner that can match their ability to execute and deliver finished homes effectively and on time. We can match our builder’s needs in providing finished units to invest in the BFR marketplace as well as speculative and pre-sold homes,” notes Brad David, Snap.Build Executive Vice President of Building and Construction.
“During this challenging rate environment in our industry, we continue to provide capital not only to our BFR clients but also our spec and pre-sold builders in the for-sale categories. At Snap.Build we understand the needs of our builders and continue to refine our offering to address the myriad of challenges they face. Through best-in-class technology that supports our builders through 24/7 access to all project activity and an unparalleled draw management process, Snap.Build is the obvious choice for all BFR-focused builders as well as builders that are searching for capital to grow their operations.”
Solving problems is what Snap.Build is about. “Snap.Build is committed to this sector and will continue to aggressively expand our presence.” says Snap.Build CEO, Matt Merritt. The latest Snap.Build projects focusing on BFR markets include:
- Savannah, GA area
- 141-unit purpose built BFR townhouse project near new Hyundai EV plant
- Snap.Build has secured a total project commitment of $30M; Phase 1 already funded for $11.8M (for first 56 townhouse units)
- BFR neighborhoods in Metro-Atlanta (Covington, Conyers, Griffin, Paulding, Adairsville, Douglasville)
- Snap.Build has arranged over $55M BFR builds; over 350 units funded
- Snap.Build is expected to fund over $45M in 2024
- BFR neighborhood in Eufaula, AL at The Villages at Reeves Farms
- “Workforce housing” – Eufaula hasn’t had a new BFR development in years
- Phase 1 to include 20 townhouses and 15 detached single-family homes boasting many amenities
- Phase 1 of 4 planned phases; August 2024 target competition date for phase 1
- This project marks Snap.Build’s first loan in Alabama
- Central Florida BFR in Cape Coral, Citrus Springs, Ocklawaha, Northport, Orlando
- Project funding started in 2021 with 5 units and has since closed 55 units in the past 12 months with a goal of 75+ units in 2023 and 200 units in 2024
- Snap.Build has funded $12.5 million with total funding in 2024 as $45M+
- Scaling these BFR models with Snap.Build backing to make it an integral part of the residential building business in the Sunshine State for non-senior housing