Construction Loan Refinance Question (mid construction)

[Shaun Alexander]

My wife and I are currently building our home and have encountered a financing issue that we are trying to figure out. Without going into detail, we were forced to "mutually terminate" our agreement after it took him 12 months to get the foundation and utilities in.

We purchased our land in October 2016 outright for $107000 and got a construction loan for $320000 in May 2017. Being that we have been delayed so long construction prices have increased and we are having problems finding a builder that can complete the project within our current budget. I'm trying to find out if there are any brokers out there with experience with situations like this that could lend us some guidance. Here are the details:

-2.25 acres 2690 sq ft house Snohomish County, WA

-Current Loan Amount (construction to permanent): $320000

-Current amount drawn on the loan: $78400 (includes $9000 loan fee)

-Interest rate: 3.95% ARM

-Land Appraisal March 2017(bought outright with cash October 2016): $115000

-Completed Project Appraisal March 2017: $525000

-Current total yearly income: $92000

-Total monthly debts: $240 vehicle loan(owe $5000, we can pay off if debt to income is an issue)

-Cash in account: $22000 (We just put $17000 into firing builder/ foundation work out of pocket into the project)

-Cash remaining on loan: $241000

-Estimated amount we need to complete: $280000 minimum

We believe the project will appraise for $580000-$625000 currently based on redesigned plans (added 200 sq ft) and new comps in the area we are building. We would really appreciate any advice or guidance on getting the last bit we need to finish this project!