Construction Loan on SFR
Last March I found a 1/2 acre foreclosed lot in Northern Colorado on a golf course. The guy who had it already had plans and setbacks approved through the city before it foreclosed. He gave me the engineering and the plans so I could continue the project. I found an investor who agreed to purchase the lot and obtain the const. loan to build the house. So we bought the lot in an LLC and have attempted const. loans through 4 different banks. All resulting in denial of not enought const. experience.
I found a portfolio lender in Denver willing to give us the loan but they want a G.C. with experience and a track record to actually sign on the loan with us that way the bank knows there will be boots on the ground.
After talking with a couple G.C.'s that were recommended, they were not quite willing to take on that much of a risk.
So at this point we own the lot, we have the approved plans and engineering, have a profitable cost breakdown and all of the bids to complete the work. In March last year, I started the excavation and and have it completed to sub-grade ready to pour the foundation. We are having difficulty getting the const. loan.
Any advice you can swing our way?