Construction Loan in Florida- New Build

[Doug Johnson]

BP Family,

I recently closed on a Construction Loan, New Build in Florida (March 2021). The builder is still processing permits and they said it is taking longer than usual because of the increased demand. My concern is the increase of prices for building materials ( lumber, etc). Is there anything I can do on my end to hopefully not come out of pocket at the end of the build? 
 

Strategy- Buy and Hold
Type - Single Family Home, 3 bed, 2 bathroom

Appraised Value - 207,000
Loan Amount - 186,300

I purchased the lot cash for 12.9k ( this is not included in the 207k loan) 

Interest Rate- 3.25% 

I will be paying interest only payments until March 2022


The value of the land has doubled/tripled in value since I purchased in January 2021. 


Let me know your thoughts! 

[Rodney Menendez]

@Jack V. Ospina

I am currently working on a construction loan for a single family home in Cape Coral with https://www.interamericanbank.com

I also know that www.centralbankfl.com/ offers construction loans but they need to have the builder qualified as well

If you know of any other bank please let me know. Thanks