Austin, TX - Need funds for a brand new house building project
To my very knowledgeable peers out there... My just got accepted on an empty lot and now I need to find some financing. I have checked out a private money lending company like Stallion Funding. They will fund the project 100%, no issues. The owner even suggested that I try conventional loans first, as it has a lower interest rate.
The land cost is $100K and I was told that the building cost will be from $150 - $200K, depending on the size and materials used. This means I do need to borrow at least $300K and then some? Please advise which is the best route to partake, using hard money as a last resort. Or, could it be a combination of both? The option period ends 3/30th and I need to fund by 4/9th. Thanks in advance for your help!!