Since I'm not familiar with the area, looking for any info that will help me make the decision to purchase or not.

Despite good valuations on the appraisal, traditional banks were only willing to lend construction debt 70% LTC because of the commercial exposure with a 4% year one pre-payment penalty and an interest rate of 9.5% as most bank construction debt is currently priced whereas I had an alt. lender willing to go to 82% LTC at 12.25% interest and no pre-payment penalty (the contract price was $1.73M and appraised for $2.1M which helped with the leverage). 

Thanks all for the help.  

We still need to send the business plan to one of the private lenders who we have been talking to and who has been giving us pointers helping us along the way as we are new Real Estate Investors. 

Not sure if it would help with the anti-commingling?

If you have any questions feel free to reach out I enjoy helping and talking REI.

The foreclosing trustee might be able to help you. 

I have a brand new product at the end and I should have less cost in the way of maintenance. 

Hope that helps! 

They seem to be more SFH but it will be good networking and learning I’m sure. got my LLC made and am ready to get my first property so any help is appreciated!