Return: A construction loan has already been granted for $1,800,000 after property is acquired.

I do Complete Rehab, water fire, mold damage restoration, mold inspections, (re-builds) drywall, painting, post construction cleaning, carpet installtion and tearouts, new flooring, property management, I have 11 certifications, 2 are Master Certifications.

That is unless you played some land trust games, then it could be trickier.However, if they have constructively abandoned their right to foreclose, it is my understanding, they could still go after the former seller who breeched the contract.Anyway, the path of least resistance is usually better so if your buyer can refinance, do it and just move on.Also, in the future, include verbiage in your contracts when you buy to allow you to seek recovery from the seller when they do something like this later.

I have done really high end rehabs, new construction, out of state rehabs, rentals, commercial, you name it.

You take over the property without paying off the existing loan, and start making the payments.Since this is a builder property, however, he may have some sort of short term construction financing that you would not want to pick up.80% of MV, especially if the seller is giving you that market value, is no deal these days.

Hard money, or, if you can find them, construction loans seem more applicable.

Also, keep in mind pre-construction sales vs resales.

I typically use a construction loan to update or remodel for the initial purchase.

Just be sure and define your goals now and then decide how to construct your paperwork as needed.

Buyers willing to commit to purchases before construction are harder to find.