All Forum Posts by: Sophia Berry

Hello all,

Looking for a Construction to perm loan here in Georgia.  I am closing on my lot purchase on Friday and looking for funding and break ground no later than April 15th. 

710 credit score, only debt is my mortgage at $1300 dollars a month however about 78K in student loan debt however, in forbearance right now. If I had to make payments today it would be about $586 per month. I currently make 95K a year and can put about $100k down. Looking to borrower $450K-$550K.

Please DM if there options out the.

Thanks.

@Jared Alger Thank you so much I will start with a local bank in my area.

@Adam Bartling

Hi Adam,

The reason I wanted to go that route is because I already have two other Hard money loans with the lender and I just thought it would be easier and quicker to get the money to start building versus going through the conventional bank.  However, I wasn't sure if I was going to sell the property like the other deals I've done before or hold on to it.  I have your information and will reach out to you.

Thanks.

@Joseph Escamilla

Thank you so much Joseph.  This does help.

Hello,

I wanted to build a home using a hard money loan, however instead of selling the home to pay off the hard money loan, I wanted to just refinance with a conventional lender and pay off the hard money loan. Will there be any road blocks on doing so?  For example seasonal requirements or you will have to stay in the home or rent it out for a year before you can refinance.  Please note I have spoken to the Hard money lender and they indicated that as long as they get paid back, they really don't care what you do.

@SeanSaxon. Penfed credit union will do it. It was a fairly easy process however my DTI was an issue this time.

Hello all,

Does anyone know of a Bank or Credit Union that will do a HELOC on an Investment property? The property is located in CA. I already have a HELOC with PEN FED however, was denied to increase the limit because of my DTI was at 50%. My credit is fine and I have really no debt however; my student loans which has been in forbearance and technically not due until 2023 is what is killing my chances.

Sure.  The contract price is $360K. I just built a home next door that sold for $390K.  I wouldn't have a problem with keeping the contract price however the original quoted price for lumber in May was about 42K.  I just received the bill for lumber for 72K.

Thank you. I don't believe there was a clause in the contract.  I just started looking for a attorney but there are so many.  A little overwhelming.  Any recommendations??

Hello all,

I am in a bit of a pickle.  Started building a home that was under contract in January of this year.  Got a quote in May of this year on the lumber cost however just received the bill which is now about 30K more.  I believe I just signed the basic New Construction purchase and sale agreement.  Does anyone know of a Loophole that can help me cancel the contract?  I am in the State of Georgia