Financing Advice on New STR Construction Build
My father has roughly 14 acres of land about 15 min west of Asheville. He has given me permission to build an investment property on this land which I feel very fortunate for this potential opportunity. I am leaning towards building a smaller 800-1,000 sqft modern cabin as a STR and for personal use throughout the year. We initially met with a couple builders my father has worked with previously and are currently awaiting for detailed breakdown of cost estimates.
What would be recommended for taking out a loan for this build? A construction loan? I own an investment property in Charlotte which is paid off, would a HELOC be an option to fund this build? Any lenders for a situation like this you would recommend I reach out to?
Obviously this is new territory for me so thank you in advance for any advice.
CW
Most Popular Reply
#2 Contractors Contributor
- Severna Park, MD
Dont build on the 14 acre parcel . Have your father carve out a part of the property as a single lot to build on . Check with local zoning rules etc .