All Forum Posts by: Spencer Elliott

Long story short, land is on loan and I'm purchasing a manufactured lot as a temporary home/future ADU to my final build. The rate the manufacturer offers is 4.8% which is why I am going through them. The bank they are using with that offer is now saying my site prep bid came in way too high and not approving me (so far. still in process). Is it possible to keep my land loan out of it to keep the total cost low? The way I see it is I am 2 years into the amortization of a 10 year land loan anyway… so it might be a viable solution.
I will ask them, but wanted to ask this group first to keep me well armed in any negotiations.

I acquired a HELOC last year at 5% and it's currently 10.5%. It was quick to increase, but wouldn't it fall just the same? Looking online, responses say it adjusts every 6 weeks or so. it has never reduced so far. Is it time to buy it out with another bank? TIA

Thank you! Yes I realize it was a very vague request, so appreciate what you provided.  Medium term rental, 2 bed, 1 bath, kitchen and laundry. Most likely radiant floor heating.

hoping for someone to provide me with a generic bid sheet that includes all line items for a basement finishing. 

He's been in the industry for 20 years, I believe he started in concrete work, the last 5 with his own handyman LLC and 4 months ago got his GC license, bonded and insured. He could provide project references, but none for GUC. No worries on my FICO score, unsure on his.
thanks for your reply! Happy to provide any other details.

@Adam Bartling thanks

For the reply!
It will be owner (me) occupied home and my preference is to act as the owner/builder and subcontract him, not that I have much say in the matter. That seems to be the only option due to his lack of on the books experience. 

The loan began as land loan under my name that would be converted to all-in-one. At the time I found my builder and went to convert, the bank changed their mind on just about everything leaving me searching for options. 

Hi all,

I'm looking for financing for SFR construction on purchased land. My builder is licensed but taking on his first ground-up home build and banks are not lending without experience. I'm looking for private money lenders that would be more lenient in builder requirements. I'm also open to owner/builder, but I am not in the industry, which most banks are requiring.

I‘ve acquired the land, submitted all permits, arranged septic, well, utilities, excavation, and construction/erecting of the home with insulatio and windows/doors.  I’m just looking for someone to give me the dough to pull the trigger on it all and have my builder do finish work, plumbing and electrical.

I’m pushing back the work I’ve contracted so far because of lack of financing. Any help would be greatly appreciated! TIA

The original approval was for 500k back when my income was much lower (direct message me for details). Nothing was cancelled and am still able to qualify for 500k but if my RSUs and additional income factored in, I would qualify for much more. That 500k was on an all-in-one loan where the land was collateral. I put 25% down on the 169k purchase.

Quote from @Kyle Wells:

Did you find a solution? 

I was able to find a cosigner sand now own the land. That’s all good, but unfortunately the underlying problem still exists. The bank won’t give me enough to fund the full build due to the RSU issue. Still in the market for a construction loan that will not require co-signing.

Hey all!

I’m under contract and signing is complete on raw land in Lake Stevens. My lender decided last minute to not accept my RSUs as compensation and left me hanging. I’m looking for financing for the land purchase. It would be quick as I’m already approved for the construction loan. Need help! Closing date is 3/17. Happy to provide specifics on the deal!