New construction

Here’s the deal. I live in Northern Utah. The market here is doing very well. There was an article in the newspaper today that said home prices are up almost 11% from the same time last year.

I bought a new home last October. The purchase price was $225,000. When the home was finished this March, it appraised for $250,000. The same contractor that built my home is selling the same model for $250,000 and just sold out a 40 lot subdivision in 90 days.

My question is, will HML’s loan money on new construction? Unfortunately my credit sucks and I cant get a conventional loan to buy a few new construction homes and flip them. I can buy the news homes for slightly under retail because of the relationship I have with the contractor.

Yes, I have posted similar questions as well, but with no answer. Good luck. I was told some hard money lenders may do this, but I haven’t researched it thoroughly.