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I can provide the financing if desired in the form of a spec loan. The down side to this is a higher rate of interest as well as the client losing the benefit of writing off all of the associated financing fees and interest during the course of construction
A couple of the possible approach's are as follows (but of course we can tailor any of the programs available to your specific needs):
Scenario I
As my projects typically appraise for at least 10 percent above the total costs, let me know how much cash out of pocket you want to put down, because if there is a need to conserve your capital, as is often the case, especially if you wish to stay in your present home during the construction of your new home, I can structure it for essentially a 0 down program. When the project is approximately 60-90 days from completion, put your home on the market, time the closing to dovetail with completion of your new home, and then use the proceeds from the sale of your old home to reduce the balance on the construction loan, before it automatically converts to the 30 year fixed.
Scenario II
Another approach I can provide to conserve cash flow is to build-in enough contingency to the budget so that you would not have to debt service the loan during the course of construction—that could be handled by the construction loan proceeds from the contingency line.
Please call Tom for the best current list & contacts of lenders for custom construction
(866)436-3202 Toll-Free
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