New Construction Loans in Houston
I am looking for lenders and advice for acquiring loans for new construction. I am looking at buying a lot in Houston using owner financing. I have enough for the down payment and monthly payments. I am buying this through a Partnership Joint Venture with another experienced investor and an experienced general contractor who is looking to invest as well. We will each put a third of all costs, flip the property, and then split a third of all profits.
My third of the construction cost will come to $50-70k. What is the best way of acquiring these funds? Will each of our lenders want first lien? Should we each search for our own funding or get one lender to fund the JV project? If anybody here has done something similar, how did you do it?
Any advice would be helpful. Please post in this thread or PM me! If you know any specific lenders please let me know!