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Updated almost 9 years ago,
Help with a good bank in DFW for construction/perm loan?
I have a piece of land under contract and have a local builder that does good work for a fair price and has built a lot of homes in the neighborhood.
I think the numbers look solid for a build and sell (spec home), but I would also consider renting for a year and then selling to take advantage of the long term capital gains tax rate. But on the other the market is pretty hot and most of the new homes are sold before completion
Anyway, does anyone know or can recommend a small local bank that does a construction/perm loan? Also, if I plan to just flip it, it's that the right type of loan to go with (as opposed to renting). I believe a lot of C/P loans have a 5 year balloon, but I'm not aware of they have any prepayment penalties.
Thanks in advance for your help!