New Construction.
Would it be difficult to get a hard money lender to loan on new construction? What should I present to the lender? Thanks for the help.
Would it be difficult to get a hard money lender to loan on new construction? What should I present to the lender? Thanks for the help.
I am not aware of a lender that will do a hard money loan on new construction. Where are you looking to do the construction?
In oregon.
Are you looking at this home as a primary or as a secondary or investment home? I beleive here in Florida hard money lenders will only lend up to 80%.
as a investment.
thanks, but we are wanting to work local.
Yes, you can get hard money loans for new construction. They will typically will want you to have substantial equity in the deal, ie you already own the land you will be building on or have other assets to pledge as security. Small local banks can also be a good source for spec home loans. If you are planning on building to rent you will have many more options.
Thanks for the reply.
It often like gas prices...................people panic causing the suppliers to run up the prices in order to control their volume.
And yes there are those that will increase the price in order to
take advantage of a bad situation.
OSB suppliers are the worse.
This is why it is important to lock in prices with your supplier.
I do believer that the manufactures are able to keep up with the demand...........New Orleans will not be rebuilt back over the weekend. You have infrastructure that will require to be fixed first..................I expect concrete and steel (metal) to take more of a hit in that locality.
What gets me is that our tax dollars will go to a corrupt state and city government to squander away...........as was before.
But then again.....this the answer GovCo has for everything......throw more money at the problem.
NC_Yank