Updated over 8 years ago on . Most recent reply
Build Spec House on someone else's lot
Hi All,
I am planning to build a few spec houses in Las Cruces, NM on lots owned by the original developer. I am wanting to partner with him and use the lots as collateral for the construction loans, but not pay for the lots until the homes sells. Any advice on how to do that to make the bank willing to do a construction loan? Do I need to be added to the tile of those lots? Or does he need to quit claim the lots to me? What is the easiest way to structure this deal?
Thanks!