New home construction financing

[Thomas Travers]

Hello, I'm close to starting the process of Building a home in the Blue Ridge Ga area. We are planning on it being an STR property. By my calculation, we don't have enough to completely finish the project this year. I'm guessing we'll be 50k short. The building will be up, just not furnished/finished. I'm prepared to work and save for another year to get it done but I'm wondering if I have any practical borrowing options to get it finished? The Blue Ridge property is on 400 ft of creek front(stocked trout stream), very private on a subdividable 10 acre lot with mountain views. My home in FL is worth about 450k and I have 100k equity in it. Thanks, Tom

[Sanat Bhandari]

@Thomas Travers A couple solutions here (in no particular order):

- Borrow funds from friends/family to finish up the construction so you could finish the project. Incomplete construction is essentially worthless from a lending standpoint as it has no use

- Get a HELOC on your primary in FL and use those funds to finish the construction. This may be the best route depending on your situation but keep in mind that institutions are tightening up on HELOCs (and LOCs in general)

- Depending on your comfort level with swinging a hammer, maybe you could put some sweat equity into the construction to save on costs and get the project moving along and potentially finish it at not too much of a time lag (or buy your handyman buddies a 12-pack and/or pizza, they might be happy to help you out, true story of how I did my first rehab project)