New Legacy Homes recently closed a $3.6 million builder line of credit with American Momentum Bank. The credit line will enable the South Tampa-focused custom homebuilder to continue to build multiple speculative and custom homes at a time.
Three veterans of the homebuilding industry – Rob June, Steve Wiltse and Brandon Roberts, who had all served as executives for one of the nation’s largest homebuilders – opened New Legacy Homes in August 2015. Since then, the company has built 18 homes in the Tampa Bay area, including 12 in 2017, and currently has 10 homes under construction. New Legacy Homes was No. 7 on the Tampa Bay Business Journal’s Largest Tampa Bay Custom Homebuilders 2018 List, ranked by number of custom homes built in 2017.
Thanks in part to the builder line from American Momentum, the partners expect to build and close at least 20 new homes in South Tampa in 2018.
“We were introduced to American Momentum by a mutual acquaintance soon after we got started,” said Wiltse. “We were a startup, and American Momentum gave us a shot with a spec-home construction loan. A year and a half later, that one home eventually turned into a $3.6 million builder line.”
American Momentum has provided speculative-home construction loans one at a time to finance eight New Legacy Homes to date.
“We have a lot of faith in what New Legacy Homes brings to the community,” said Porter Smith, Tampa Bay Market President for American Momentum Bank. “They’ve built a good track record with us, and we’re proud to provide this builder line to help them scale more quickly.”
New Legacy Homes builds model and custom homes, with its average home price in 2017 around $875,000 and typical home size above 3,400 square feet. The partners consider the company one of among three to five other area homebuilders in terms of product, price-point and quality. The company consistently builds homes in six months or less, on average.
New Legacy Homes differentiators include foam spray insulation, variable-speed air-conditioning and home automation as standard home features rather than upgrade options. Smart home technology – like the ability to control lights, locks, the thermostat and security cameras – comes with the price of the home, with no additional subscription or service fees required. All homes are ENERGY STAR certified.
“We are all about creating an environment for homeowners that will make them comfortable today and will last through the years from an efficiency, technology and maintenance standpoint,” said Wiltse.
About American Momentum Bank
American Momentum Bank, with total assets of $1.1 billion as of June 30, 2018, provides comprehensive products and services for businesses and individuals. The bank has 10 full-service banking centers in Florida, including in Tampa, Clearwater, St. Petersburg, Sarasota, Naples, Orlando and Winter Garden, as well as a deposit production office in Ft. Myers. It also has three full-service Texas banking centers in Bryan/College Station and a loan production office in Dallas. American Momentum’s strong capitalization, superior asset quality and experienced management teams position it as one of the premier banks in each state. www.americanmomentum.bank
About New Legacy Homes
New Legacy Homes is a small, locally-owned homebuilder established to provide Tampa Bay area home buyers with high quality, cutting-edge, energy-efficient custom home design. The partners in New Legacy Homes are Rob June, Steve Wiltse and Brandon Roberts who, together, have over 55 years of experience in the construction of over 9,000 homes, primarily in Florida and Tampa Bay. www.nlhomestampa.com