Financing a Land/Construction Loan

[Brad Lowery]

Hello all,

Me and two other partners are working on financing for a construction loan in Cantonment, FL (just north of Pensacola, FL). We would need to purchase the land and (if possible) bundle it into a construction loan. This would be a 3 bedroom 2 bathroom residential property that is currently appraising for around $265,000 with an all in land and construction cost of $210,000. So far, every lender we have spoken to is wanting proof of 2 examples of new construction investment properties in the last 36 months. This particular property we are looking to sell once completed. I am currently in the process of building two long term rental properties in Pensacola, but they are not sufficing because they are not yet complete. We are trying to understand what options we have to obtain financing and wondering if you had any thoughts. Any information would be greatly appreciated. Thanks!