Subordinate Financing Land
I am looking at building a tri-plex on a city lot , total construction cost w/ land is $ 155,000. Is it possible to subordinate finance the land and get a hard money construction loan based on the appraised value of the finished property? I recently built a new home and have $130,000 in equity. Problem: low 600 credit score, self-employed,stated income. This is why I think hard money is the way to go - any ideas? Thanks.
Foreign national in that area is not a problem.
But HM in that area is going to start at 15% and 2 points. Check out the local Re clubs.