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Updated over 1 year ago,

User Stats

13
Posts
3
Votes
Micaela N. Wolfe
  • Rental Property Investor
  • NC
3
Votes |
13
Posts

Construction lending for 3rd home

Micaela N. Wolfe
  • Rental Property Investor
  • NC
Posted

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

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