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I have about 60K in Heloc money I could use to purchase land lot in the Red River Gorge of Campton KY, pay that land off with the heloc, then use that paid off land to secure a construction loan from the bank or PM lender for a new ground up build.

Would lenders make an exception with this?

This investment property was financed through a locally trusted and long time friend that's a hard money lender with an 8.5% rate .I acted as negotiator, real estate agent, funded the purchase, and project manager for this rehab while partner was out of town working and kept him updated remotely.

All our deals in the beginning were done with private lender money (interest only). 

This investment property was financed through a locally trusted and long time friend that's a hard money lender with an 8.5% rate .I acted as negotiator, real estate agent, funded the purchase, and project manager for this rehab while partner was out of town working and kept him updated remotely.

The lender insists on paying the proceeds or the cash-out amount to the LLC and not to the friend's personal account.

There are only a handful of lenders who offer such financing; I assembled the list here:https://www.biggerpockets.com/member-blogs/2810/50272-list-o...I hope this helps!

Thanks in advance Florida is a super lien state, so depending on when the condo was created the entire lien amount could be owed by the buyer or a portion (I believe lower of 1% of the purchase price the person being foreclosed upon paid or 12 months HOA fees, whichever is lower).Definitely will want to look into that.Chris, that 1% of the loan/12 month cap is only for the foreclosing lender if They get it back at the auction.

I had one lender tell me I need to get a construction loan first and renovate and then refinance that into a DSCR loan.