New Construction loan

[Sonja Gordon]

Hello BP community,

we are looking for a new construction loan on which we would only have to pay interest on the money we have already drawn. The property is a tear down for a upcoming new build, but the construction will not start until about 6 months down the road. In the meantime the property will be rented out. 

Does anyone know of any lender who will work with us on that?

Thanks so much,

Sonja Gordon

[Troy Norwood]

@Sonja Gordon @Upen Patel

Hey Gang, hope you're having a happy and productive 2018!

I ran across this post looking into new construction and was hoping to hear how everything worked out for you Sonja.  

Also Upen I was hoping to hear some more about the terms of a loan. The interest only for amount drawn sounds great. Our business plan is to build here in Lehigh Acres and Cape Coral for turnkey investment properties and also sell and hold investments for myself and partners. 

Upen I have W2 salary and think my situation would qualify but would love to hear more about the terms.