New construction strategy- New investor

[Bri Hall]

I purchased a residential lot that after being surveyed can have two homes placed on it. Paid cash for it.  

What is the best lending strategy to fund this new construction? This will be built and hold properties. I am looking for some ideas on how to properly fund this thing. I do have a second unfinished property in GA that I can possibly leverage. Should I go traditional bank route? hard money lender? HELP :)

[David Atis]

Since you’re building from the ground up, a hard money loan can be a great option because traditional banks tend to be slow and have stricter requirements for new construction. Hard money lenders focus more on the property’s value rather than your personal debt to income ratio (which traditional banks use) allowing for quicker approval and funding. This is especially useful since you’ve already paid cash for the lot and that can be helpful in your terms. Once construction is complete, you can refinance into a long term dscr loan with a lower interest rate. This strategy keeps things moving fast while maximizing your options.