Posted by Matthew on July 19, 2007 at 11:34:00:
You should contact local experienced construction mortgage broker. Indy-mac can go to 95% on a owner builder. bismarck will do 100% at 65%LTV after value
SFR Construction Loans - Posted by Andy Locher
Posted by Andy Locher on July 19, 2007 at 11:08:58:
I am looking for an SFR construction loan. It would be used to cover build-out expenses for a 3/2 home in southern Texas (I already have the land). Total expenses are anticipated to be $50K, with a comp value of 75-80K. Total land capacity is 40 units. I would also like to make the financing â??rolloverâ?? to the next unit, as units are sold. I have a good GC and will be using partially pre-constructed home kits, so costs are easy to track and build-out times are minimal. My credit is so-so at about 650. What is the best way to approach financing for this type of deal?