Spec Home Loans

[Ryan Wattenschaidt]

I have an opportunity to purchase a plot of land that is ready to be built on in York, PA.  The land is the right price and in the right neighborhood.  Any recommnedations on the best way to finance the construction?  Checked with local banks and none are doing spec loans right now.  Would a hard money loan or private investor be the the way to go?

Also, what types of loans for specs are you seeing now? Do I need to own the land outright first or can that be rolled in to my construction loan? Assuming it depends on the LTV of the finished product.

Any advice or comments would be greatly appreciated.