Allbuild Construction LLC is a General Contracting company in Palisade Colorado. We work with custom clients, but the majority of our work is speculative. Our focus is on townhomes that can offer new, quality homes that are affordable to entry level buyers. We have built homes that have sold for $250,000 up to $713,000, as well as completed commercial remodels, residential remodels and fix and flips. Our true passion is in building new townhomes that are low maintenance, have beautiful finishes, are an asset to the community and have built in equity for the buyers upon purchase, while making a profit for our business.
Allbuild was started in 2018, but we have been in the construction industry for over 30 years as we also own a design company that offers home construction plans across America. We partner with Engineers and Architects to offer those services as well. We employ 3 team members and over 10 contract drafters in that business. This allows us to focus on Allbuild and complete our projects in a timely manner and remain profitable. Allbuild employees a full-time Project Manager to help us with that.
2022 was a challenging year as the result of material and labor shortages, as well as increased material costs. As a result, we are in need of working capital that will allow us to finish a 4 plex of individual townhomes that will be completed in 3-4 months as well as build 10 more townhomes in the same neighborhood. We developed the lots for these 10 townhomes and have secured vertical funding, but need to inject cash into each project as the lender only funds 67% of the projects. This will fund most of the project, but still leaves expenses we will need to take care of out of pocket. It also doesn't allow for funds to cover Albulid's general expenses, and or salaries while we are completing these projects. Our plan was to have the 4 townhomes completed and sold before now, then we could utilize those funds for working capital. The labor and material shortages in 2022, as well as increased material costs hindered our timely completion, but we are now on track to finish these before 6/30/2023.
We are on track to net over $700,000 on these 3 projects, while leaving the buyer with equity upon closing. We are also in the Engineering process for a development that we will be able to build 15-17 townhomes that first-time buyers will be able to affordably purchase, as well as have equity in their properties upon closing. These 15-17 townhomes will net our company approx. $750,000 and will sell for under the median home price in Grand Junction and the surrounding areas.
We have an investment property that has over $500,000 equity that we were trying to obtain a second to have working capital for Allbuild, for the next 2 years. We had 2 lenders that gave us preliminary approval and then with a few days of closing, they were unable to complete the loan due to the property being zoned AFT/AG. We have an "as-is" appraisal for $1,285,000 , and a mortgage balance of $739,000. We also have a permit to build an accessory dwelling on the same property, increasing the property value even further. The "as-completed" value was appraised at $1,350,000. This property can be used as collateral for the funds we need for working capital, if someone is interested in that.
We are excited to finish the 4 townhomes and offer them at great prices as well as net over $200,000. We are also eager to start the other 10 townhomes that we project will be ready to offer for sale around 3/1/2024. We just need assistance with working capital to realize these goals and milestones.
We are looking for an investment of $250,000 to $350,000. We appreciate your time and are available for any questions you might have.
Thank you,
Gilbert and Debbie Maynard
Allbuild Construction LLC
970-216-9531
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