Construction Loan then Refinance as Rental

[Cheryl James]

I have a village lot in WNY that I am considering building a SFR and then renting it out for about three years. So I would need a construction then refinance loan. Any recommendations on lenders that would consider this type of deal?

I would be doing some of the work myself and would be looking at a loan of around $70k.  I already own the land.

Thanks.

[Edgar Martinez]

Originally posted by @Jared W Smith:

Originally posted by @Cheryl James:

I have a village lot in WNY that I am considering building a SFR and then renting it out for about three years. So I would need a construction then refinance loan. Any recommendations on lenders that would consider this type of deal?

I would be doing some of the work myself and would be looking at a loan of around $70k.  I already own the land.

Thanks.

Where is WNY? And your going to go from a empty lot to a SFR with $70k!? Being highly experienced in construction I can almost guarantee you're missing some vital soft cost as well as site preparation cost.

Wow I completely missed that $70k part. I think Jared has a good point. Plus I think unless you have your own company in whatever field of work it is you plan on doing yourself, I don't think a potential lender is going to like that. I would assume a lender would want a qualified and licensed person performing the work.