Construction Loans Lenders

[Itzel Salazar]

Not investment related but hoping you could offer some tips. My mom bought some land and is debating whether to purchase a mobile home or build ground up. She was already pre approved for a home loan but the lender in the end wasn’t able to offer a construction loan. I would really prefer to build, does anyone have any recommendations of lenders that do construction loans in Texas? It would be her primary residence. We are already in contact with a reputable gc we are just missing the funding.

[Erik Estrada]

@Itzel Salazar These types of loan programs require experience or working with a licensed contractor. That being said, the process can be very tedious since these programs have strict requirements. They also do not give you cash in a lump sum, it works in draws as you complete the project. Also they will not draw if there is something wrong with each phase of the project. Is this something that is worthwhile to you?