Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line. 

Private money lenders or construction loan specialists, on the other hand, are faster and more flexible, though their rates and terms will likely be less favorableFor a more rural area, local banks will almost certainly understand the market better, but connecting with private lenders who specialize in spec homes could provide more agility.

I just did this with a 4/3 new build out in Cape Coral and a construction to perm loan through the bank.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

They are all on separate parcels, paid off and occupied by long term tenants.

Investment Info:Single-family residence private money loan investment.

Most lenders I work with would lend you 70%-75% of the value of the property, but only so much that your NOI/profit is 20%-25% of the monthly loan payment.

I have a mix of long term rentals and STRs and rent some of my STSs mid term in the off season so I am happy to share my thoughts and experiences with each strategy in this area.