Construction Loan without builder experience

[Spencer Elliott]

Hi all,

I'm looking for financing for SFR construction on purchased land. My builder is licensed but taking on his first ground-up home build and banks are not lending without experience. I'm looking for private money lenders that would be more lenient in builder requirements. I'm also open to owner/builder, but I am not in the industry, which most banks are requiring.

I‘ve acquired the land, submitted all permits, arranged septic, well, utilities, excavation, and construction/erecting of the home with insulatio and windows/doors.  I’m just looking for someone to give me the dough to pull the trigger on it all and have my builder do finish work, plumbing and electrical.

I’m pushing back the work I’ve contracted so far because of lack of financing. Any help would be greatly appreciated! TIA

[Julien J.]

@Spencer Elliott

Any particular reason you are opting to use a first time home builder rather then an experienced one?

That's an enormous amount of risk and faith.