All Forum Posts by: Tecsia Evans

@GregScott. Thank you for your advice. Much appreciated!

We have a new construction SFR project in Oakland, CA. We purchased it under our C corporation where my husband and I are the only shareholders. We used a hard money lender. Project will be done in about 1 month. Is it possible to purchase the home from our C corporation so we could get out of hard money loan and receive some cash back? Or would we have to refinance it? I am told with a refinance it would need to be seasoned in our names for at least 6 months before we can do a cash out, is this true?

Thank you in advance for your advice!

No I do not own the land outright. I first bought the land with a loan and then once plans got approved I applied for a construction loan (which was such an uphill battle) but I am thankful to Jesus Christ that we were able to find a lender that refinance land loan and provided funds for construction. A great lender for land loans is first interstate bank. 

I am doing a new ground up SFR. Terms were 18 months for construction, 9.5% interest rate and they are covering somewhat around 90% of construction cost.

Check out center street lending. I have a construction loan with them right now and they have been great to work with. Ask to speak to Hannah!

Great thank you so much KT for the information, really appreciate the help!

Thank you both for the replies, very helpful. For KT, in your scenario would our C corp being doing a refinance on the construction loan to turn it into a mortgage? Also would this be considered a commercial conventional loan (with possibly a higher interest rate) since it's for the business/corporation or would we still be able to qualify for regular loan products that offer competitive rates?

We have a new construction SFR project in Oakland under our C corporation, where my husband and I are the only shareholders. We used a hard money lender to fund project. Project will be done in a few months and we decided recently to purchase it for our own primary residence instead of selling. Could we sell it to ourselves using conventional financing or would we have to refinance it? If we can sell it to ourselves would we have to pay transfer taxes?

Hi Logan, thank you for posting this great question. I am curious how did things work out for you. We have a new construction SFR project under our C corporation, where my husband and I are the only shareholders. We used a hard money lender. Project will be done in a few months and we would like to purchase it for our own residence. Could we sell it to ourselves or would we have to refinance it using a conventional loan where we would put 20% down.

Hello Sol,

I know you posted this several year ago but what you described is almost the exact same predicament my husband and I are in. Were you able to find financing for your project? If so, would you mind sharing the options you used?