$0 debt, 800+ credit score, no lender will help

[Derek Rice]

I am a new construction home builder in the southwest ohio area. I've built 15+ houses in the last 8 years and currently have 2 spec houses going right now. Aside from 2008, I've had no trouble selling them, and even had multiple offers on one I did this spring. I currently have about $85k in them, and about $85k to go to completion. I have 8 vacant lots with an average value of $15k a piece. Absolutely no debt to my name, but I only have about $70k to put towards completing these houses. To bridge the $15k gap, I want to get a LOC against the 8 vacant lots, or even my paid for truck with a $35k value, but every lender I call says that they aren't interested, even when I say I would be fine at a 30%-40% LTV. Most are willing to do a construction loan to finish out the projects, but I'd like to have an open loan to use even after the homes sell to help me stay out of this pickle in the future. Any suggestions?

[Linval T.]

@Derek Rice

How about using a peer to peer lender such as www.prosper.com or www.lendingclub.com?

I am not affiliated with them, have never used them, but, have read and listened to podcasts that gave good reviews about their help to fellow BPers.

Good luck.