New Home finance Question
Trying to build my first spec house and have some financing questions. It is a unique scenario. I have the opportunity to purchase a half-built project (about 1.75 mil has gone into the build so far -5200 sq ft house) by a renowned architect on 20 acres. I will be able to purchase before it goes to market as it has just come out of a long legal dispute. The price with the 20 acres is 900k (land cost only) which I will buy cash. I have someone who wants to purchase 10 of the 20 acres for 400k so I will be in with 500k. The house will cost 2mil-2.4 mil to complete. I plan on taking out a hard money loan for this. Upon completion if the house appraises for 3.5 mil (conservative) am I able to get a heloc to pay off the hard money loan and what would my mortgage end up being if all this works out as planned? Thank you!