Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Construction lending for 3rd home
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