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Updated 4 months ago,
Construction loan in second position?
Hi all,
I've owned a property in the Shenandoah area of VA since Aug 2022 that has a second buildable lot. I'd like to build on it (if anyone familiar with the area has a contractor they'd recommend I'm collecting names!), but I'm having trouble figuring out financing. The plot of land is part of the mortgage, and that company doesn't do construction loans. Any other lender I've spoken to so far doesn't want to be in second position. I have a PPP on mortage for 5 years, so until Aug 2027. I'm not sure what the steps are from here to obtain financing and would love any help.