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Having issues funding new construction build
Hello all, I’m having issues getting funding on new construction.
A little background:
This would be my third flip this year, but my first new construction. My previous two had an existing house on them and I used hard money for both.
One flip in particular I paid $120k and was pretty much a tear down, sold for $337k. This lot I just purchased, is the same size lot as the flip property and its in the same neighborhood. I only paid $65k cash which is pretty much half the price as the tear down property. I contacted a few hard money lenders and no luck, they won’t fund new builds.
Is anyone else having this issue? If so, how did you fund it?
Thank you all for the help!