All Forum Posts by: Mark Bringas

I got pre-approval for a construction loan for 8% qualifying rate (not final).  What is the current going rate these days ?

How much is too much ?

Hi everyone.  I own property with a small house on top of a one-acre land.  The city is close to approving adding two additional buildable lots (residential only) in the back.  I’m running into analysis paralysis on whether it’s worth building homes (or should I just sell the lots)

1) My construction loan is a bit costly at around 8%, so the monthly, interest-only payment is a bit high.  

2) If i decide to build the homes, could i partner with builders or investors, to help fund the project?  What’s the best way to approach this?