I need a creative loan for an investment property

[Shannon Hartzell]

I am looking at 1 acre of land with a well and a septic already installed. The lot is cleared and pretty much buildable. The market is in the Berkshires in MA between Great Barrington and Catamount ski area. I want to buy it and build a prefab home 3/2 around 2k sq ft. I was told it's about $250 /sqft around $500k plus $50k for the garage(2car). I have about $80k in a HELOC on my current home where I live. I have excellent credit. The sold comps are around $875K-1M. The comps were under contract in 15-30days. What are my best loan options?

[Stanley Yeldell]

Private Money or Hard Money Loan

How it works: Short-term loans from private or hard money lenders to purchase the lot and finance the construction.

Benefits: Easier approval and faster processing, focusing on the property value rather than your income.

Downside: Higher interest rates and shorter loan terms (typically 6-18 months).