Spec Home Construction Lender (Arizona)

[Christina L.]

Does anyone know of a good construction lender who will lend on spec home construction in Arizona? I've talked to some local banks who do and their rates are anywhere from 4.75% - 6.75% with 1 point, and they will cover around 70% - 75% of total costs. I've also talked with hard money lenders whose rates are between 10% - 14% with 2 or 2.5 points, but they will cover more like 85% and sometimes 90% of total costs. I'm looking more toward the hard money lenders. Would appreciate recommendations.