Casper does not build at the pace of a fast-growing metro, which is part of the opportunity. Newer homes are a small share of the stock, and buyers and tenants who want something built in the last decade have limited choices in west Casper and Bar Nunn.
In short: LendingStreet finances ground-up construction for 1-8 unit investor projects in Casper and Natrona County, including spec homes, build-to-rent houses, infill duplexes and fourplexes, and small 5-8 unit buildings. Loans are sized on loan-to-cost (LTC), terms are set per project and funds are released through a draw schedule after inspections. Approved plans and permits, a detailed budget and builder experience are required.
Most investor construction happens on the west and southwest sides of Casper, in Bar Nunn to the north, and on infill lots in established neighborhoods. Bar Nunn has drawn families who want newer homes on larger lots with a short drive into town. Infill lots in central Casper can support a duplex or small multi-unit building where zoning allows.
County lots outside town can work for spec homes, but wells, septic and road access add cost and review time.
Look at recent new-construction sales and rents in the same part of town. In a market this size, a few comparable sales can set the ceiling for your finished value.
A spec home depends on a buyer being there when it is finished. In Casper, that timing ties back to the energy economy, so builders keep spec counts modest and price conservatively. Build-to-rent projects can ride out a slow resale year by leasing and refinancing into a DSCR loan.
Many builders plan for both: a home designed to sell, with rental numbers that also work if the market cools during construction.
A build-to-rent duplex or fourplex can also work well in Casper because multi-unit rents per dollar of cost are often stronger than single-family rents.
The loan is a share of total project cost, which includes land, hard costs and soft costs like plans, engineering, permits and fees. The appraiser estimates the completed value, and the loan must fit within both. Terms are set per project.
Projects without approved plans or permits, or borrowers with no build history and no experienced general contractor, usually do not qualify. A licensed builder with finished Casper-area projects strengthens the file.
Your share of the project can come from cash, land equity or both. The completed value also caps the loan, so a project that costs more than the finished home would sell for will be sized down.
This example is illustrative and not a quote. A builder puts up a four-bedroom spec home. Land is $65,000, hard costs are $395,000 and soft costs are $32,000, a total of $492,000. Assume the loan covers 85% of cost, $418,200, for illustration.
Over a nine-month build, with the loan about half drawn on average, estimated interest is about $18,976. The home sells for $575,000 and selling costs are about $34,500. Estimated profit before taxes and other costs is about $29,524. The draw schedule below splits the hard costs by stage.
The profit is sensitive to the sale price and the build timeline. A two-month delay or a lower sale price can cut the margin quickly, which is why conservative pricing matters in Casper.
| Draw stage | Share of hard costs | Amount |
|---|---|---|
| Site work and foundation | 15% | $59,250 |
| Framing, roof and windows | 30% | $118,500 |
| Plumbing, electrical and HVAC rough-in | 20% | $79,000 |
| Insulation, drywall and trim | 15% | $59,250 |
| Finishes, flatwork and final | 20% | $79,000 |
Parts of central Wyoming have clay soils that swell and shrink with moisture, which can crack slabs and foundations. A soils report and an engineered foundation design reduce that risk and are worth the cost. Wind loads affect framing, roofing and garage doors, and winter limits concrete and exterior work.
The City of Casper handles plan review and permits inside city limits. Bar Nunn, Mills and Evansville are separate towns with their own processes, and unincorporated land goes through Natrona County. Confirm zoning, setbacks and utility availability before you close on a lot.
Utility tap fees and extensions can add up on edge-of-town lots, so get those figures from the city or utility before you finalize the budget.
Construction funds are released after inspections confirm each stage. You or your builder pay costs until the draw funds, so plan working capital for at least one stage. Keep lien waivers and invoices organized so each draw moves quickly. Our draw schedule calculator can help map your budget.
Change orders should be approved in writing and reflected in the budget before the next draw request.
Spec homes sell to owner-occupants, often with FHA, VA or USDA financing, so the finished home must meet those standards. Build-to-rent homes and duplexes refinance into DSCR loans once leased. Small 5-8 unit buildings can also move to a DSCR loan for 5-8 units.
Run both exits before you break ground: the sale price you expect and the rent the home would earn. If both work, the project has room for a slower market at completion.
Send plans, permit status, a line-item budget, builder information, lot details and your exit plan. Call (877) 298-1001 or use the form below.
Yes, if zoning allows it. We finance 1-8 unit residential projects. Duplexes on infill lots can be a strong rental product.
It is strongly recommended in central Wyoming, and the engineer's foundation design often depends on it. Clay soils that swell with moisture are common in parts of the state.
Yes. Bar Nunn has its own permitting process, and we finance projects there and across Natrona County.
Through draws after an inspector confirms each stage of completed work. Keep invoices and lien waivers organized so draws move quickly.
Usually only with an experienced licensed general contractor and approved plans and permits.
You can lease it and refinance into a DSCR loan if the rent supports the payment. The rent must cover the DSCR payment at the program minimum.
Yes, $150,000, which most ground-up projects exceed.
No. These are business-purpose loans on non-owner-occupied property. The borrower, usually an LLC, holds the property as a rental or resale investment.
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