Hard Money Loan Possible

[Alan Keate]

I am considering buying a lot to build a home in a new development. I don't know if I will eventually be the long-term owner but I want to build it that way. I have a current home and the thought of getting a more traditional mortgage is a nightmare given I own multiple businesses, etc. I know very little about hard money and don't know if you can put up your current home and the to-be-purchased property (the combined LTV after a hard money loan would be like 56%). I just don't know if that's a thing. Any direction would be appreciated. Thanks.

[Jay Hinrichs]

Quote from @Alan Keate:

I am considering buying a lot to build a home in a new development. I don't know if I will eventually be the long-term owner but I want to build it that way. I have a current home and the thought of getting a more traditional mortgage is a nightmare given I own multiple businesses, etc. I know very little about hard money and don't know if you can put up your current home and the to-be-purchased property (the combined LTV after a hard money loan would be like 56%). I just don't know if that's a thing. Any direction would be appreciated. Thanks.

I think you will find it near impossible to find a HML who will lend to you on one lot.  these types of transaction are either cash and carry or seller carry back after you put your downpayment down.. I grew up in the land business and still do a lot of land.  There are HML that will do dirt deals but that's almost exclusivly guys like me that are funding developers and larger loans 500k min to 10 to 20 mil for a big project.