Help with new construction financing


My name is Brad Johnson and I live in Greenville, SC. I am trying to build my personal house and am in need of assistance. I need someone to carry the construction loan and perm loan for a period of 18 months. I will give the investor a 2nd mortgage (amount to be agreed upon later). I will pay off the first and second mortgage at the end of the 18 month period.

The lot payoff is 73k and the construction costs will be 190k for a total of 263k. The house will appraise for 425k to 435k at completion. Project will take 4 months to build. I have over 10 years of experience in all phases of construction. The house is in a great location with great resale values.

I can also exhange services as part of the deal (i.e. general contracting, smaller work such as installing trim, decks, tile, etc.).

Are you looking for a private money lender or a conventional loan? Do you currently own the lot? If so forhow long? Can you document your income? The pool of lenders for construction loans has dropped considerably. Especially for owner/builders. For a loan amount of that size it is gonna cost $$ to lock up money for 18 months.