Who or what bank would you recommend I can get a construction loan through? , Then I would like to roll that into a mortgage.
@Brett Wells have you contacted any local lenders to see about their financing programs? Do you have a job scope and a piece of property? Do you have your personal financial statement together to present?
These are some of the questions they are going to ask.
A tip: to make other investors want to give you advice, show that you have done some work on the subject and aren't looking for someone else to do the work for you.
Best of luck!
Need more info
What are you building? What State? The size of the loan and entitlement status would also help other investors with their suggestions
Cameron and Tarik, I am in Boise, Idaho. I have not contacted any lenders yet, I did find a lender on the pro side here on bigger pockets called A10 lenders. I am looking for a loan amount of $100,000. I don't know if I can just get a construction loan or do a heloc on my personal residence?
This loan will be for a short period of course so I can roll it into a mortgage. @ A10 lenders they talk about a bridge loan from the description it sounds like I could get a construction loan and roll it into a mortgage. I'm I reading it correctly?
@Brett Wells A10 is a commercial lender with a headquarters here but they are nationwide. I haven't worked with them but I think they have some pretty high minimums. If you are looking at a construction rollover to permanent loan, can I assume you are talking single-family or perhaps a duplex given the amount?
We build houses for people all the time with that type of loan. The buyer puts in equity (usually the lot owned free-and-clear) and then the bank finances it like a home-purchase mortgage but it has an initial construction period. You pay interest only during the construction period and then it rolls over to a traditional mortgage.
Most banks here will do this but they all have different requirements with regard to the property type, projected value, individuals guaranteeing the loan, etc.
Is this for a primary home or an investment property?
This is a SFH investment property which I plan to do a BRRRR. Right now in as it sits is basically a framed house with siding and windows. I am looking to go in do electrical, insulation, drywall, hvac I will be doing majority of the work myself. So I am looking for a Loan that I can do a construction loan and roll over to a mortgage. What sort of information or pictures of property do I need before I approach a lender? What questions do you recommend me asking?