Construction lending for 3rd home

[Micaela N. Wolfe]

Looking for construction loan options. Having issues finding any banks locally wanting to lend on an investment property (too risky for them right now.) We have 1 STR which grossed 54K last year and set to gross 75K this year. We have used profits to purchase 2 more pieces of land for 2 new builds. Best we are getting is 3 points, and will write for 65% of the LTV. Depending on the appraisal ( which I believe the finished project will appraise for far more than the build costs itself), depends on how much we would need out of pocket.

Any other options - we even have considered any private investors looking to just make some interest on us for the next couple years as we have a mortgage company that will take over the construction loan and put us into a decent investment mortgage already. They just don't fund construction. 

Any contacts, thoughts, leads, or otherwise fun discussions welcome. 

Thanks!

Micaela

[Dave Skow]

@Micaela N. Wolfe- thanks - if you havent already tried this -  contact all the smaller to mis  size banks and  credit unions close to the parcel for options  ....often these entities will tailor  make a  programs to work with soemthing local