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Updated almost 4 years ago on . Most recent reply

Michelle Backer's profile image
Michelle Backer's profile image
Michelle Backer
  • Rental Property Investor
  • from Brooklyn, NY
  • Member since May 31, 2019
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Michelle Backer's profile image
Michelle Backer's profile image
Michelle Backer
  • Rental Property Investor
  • from Brooklyn, NY
  • Member since May 31, 2019
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Michelle Backer
  • Rental Property Investor
  • Brooklyn, NY
43
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53
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Contractors

Construction loan ?

Michelle Backer
  • Rental Property Investor
  • Brooklyn, NY
Posted

Is a construction loan a good

Move to build a home? I want to put as little down as possible ..

I have a plot of land upstate

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Peter Tverdov's profile image
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Peter Tverdov
  • Real Estate Broker
  • from New Brunswick, NJ
  • Member since Jan 19, 2015
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Peter Tverdov's profile image
Peter Tverdov
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  • from New Brunswick, NJ
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Peter Tverdov
  • Real Estate Broker
  • New Brunswick, NJ
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Peter Tverdov
  • Real Estate Broker
  • New Brunswick, NJ
Replied

General rule of thumb is 50% of purchase price and the bank will lend 100% of the construction costs, I/O, Prime + 1-2% for 12-18 months as long as the ARV is 75% or less.

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