Spec home loan questions

[Sally M.]

What is everyone's experience getting approved for a hml or a construction loan for a spec home? My husband is a general contractor with 20 years of construction experience. We have great credit and down payment but as we are self employed we don't have enough income for prior years to satisfy the loan requirements for construction loan. HML person said after 40% of the work is finished they will consider lending.

Are there any other options there? Or do you have any advice?

Thanks for your help!