Help, creative fin 2 buy&build on SFRlot

Financing, Hard Money Lenders, Private Money
1

I just discovered this forum and I’m very amazed what a great resource this site is. I’m here in South California and the market is very hot. I found a sfr lot with a wreck home that needs to diffinately be torn down. Its in a better community which is the good news. I have a good friend who is experience building homes and I have plans to build a 5 bedroom home, in a market where I can sell for over half a million. My credit is tied up because of a second property I bought 4 months ago, I have renters living there for “under one year” so conventional lending institution won’t help. Is there any creative method that I can secure/buy the land and build on it? Any help would be appreciated if someone can point me in the right direction.

Abel

2

Howdy Abel:

There should be conventional lenders out there that will help you if you have good credit and some cash to put into the deal. There are several type lenders with many different plans. I almost gave up once looking for a similar loan company and then I found Indymac Bank. They loaned me money to refinance 12 houses and even my own personal house when I had better credit. Even to build my dream home took me a year and a half to find a lender that would allow me to build it. Look everywhere, paper, internet etc and you will find the lender you need.

3

Thank you very much for the helpful comment, I will follow up with that asap.

Abel