I am looking for 100% stated construction loans (80% of appraised value) on Spec Homes in Utah. We are looking at 300-600K homes for our clients and are needing these loans.
The payments need to be rolled into the loan.
There are no 100% construction loans available that I know of. I’m assuming you have raw land that you want to build on. Most hardmoney lenders will only give you 50 - 60% of the current value of the land.
Patti Porter
Steiner,
There are many lenders out there that will do 100% of construction cost loans. If you are correct that the cost to construct is 80% of appraised value then as long as the borrowers have the credit to qualify then this type of loan is actually pretty easy to do. There are a couple of stipulations such as the lender will only fund 100% of the APPRAISED value of the lot at closing. Which means if the buyer is paying 100% of the value of the lot then the buyer will have to bring his closing costs to the table. Feel free to email me off-line if you would like more information.