Note it will be dragged on and investigated on your draws for them to dispense draws.

Some good notes to take back to the drawing board.

The challenge that many borrowers run into when looking for larger equity lines with limits  of $250k+ is that they typically require full income verification (not always bank statement and DSCR exist) with lower DTI ratios (43-50%) however although the repayment scheduled is based off a simple interest only payment, (usually a 30 year amortization schedule with the initial draw period of 5-10 years) the qualifying rate is based off of the converted twenty year amortization schedule (240 equal installments) of the payback period.

@George P.  In

I am hoping people start to realize what a gem Virginia Beach is and we get some more industries moving in, some changes in regulations to draw businesses into Virginia I think would really blow up the area.

This was all just luck of the draw here, but it sparked the interest in doing more in the sector of real estate investing.

As a borrower you want to know how a lender will handle the construction loan administration including draws, contingent fund releases etc.,  and you will get a better feel for this if you’re directly communicating as opposed to going through an intermediary.

Buy the house as you normally would, then once it is yours, draw up a lease agreement for whoever you are renting it to-even if it is family that you are renting to.

HML just went to private money to give the allusion that you are going to find some rich doctor that is going to lend you money at 5%. private money  hard money is quite competitive these days.. you can plan on 2 to 4 points up front at close and 10 to 15% interest  plus junk fees and rehab draw fees appraisal fees etc etc. some of the larger national lenders have their pricing very well spelled out on their websites you may want to get a baseline from themKiaviLima one Lending oneetc etc..

I also have experience drafting construction drawings.