PML loan to finish new construction

[Robin Cochran]

Hello,

I purchased a home on acreage to flip however it was so eaten up by termites it had to be taken down to the slab. That’s where it became new construction. I use my own money to fund so I don’t have any relationships with lenders. I need $85k to finish the home with a market price in the $430k to $450k range. It’s a high end build  in an in demand area of SE Georgia near Brunswick.
I’m not sure what type of loan I’d need for this. Equity, new construction? It would be great to find a private lender to get it done quickly. This is easy money for the lender. 
Property is free and clear on acreage. 

Any advice? If you’re a lender that’s interested I’d love to hear from you. Thank you.

[Patrick Roberts]

Quote from @Jeff S.:

While I appreciate your confidence and the sales pitch, @Robin Cochran, you are asking for a rescue loan on a risky project. Sorry, but this will not be “… easy money for the lender."

Your project is incomplete, and you have run out of money. You don’t indicate how this happened or how you know it won’t happen again, but this is something any sensible lender will want to know. I recommend you develop a plan explaining your circumstances, how you got here, and include a plan forward with a detailed scope of work.

Your project might be worth $430k to $450k when complete, but not right now and there’s no way to estimate its value from what you wrote. Few lenders (and contractors) will want to take over an incomplete project if they had to. Don’t be surprised if they value it accordingly.

I’ve no doubt you will receive DMs from many brokers who will have no skin in the game. You could get lucky here. If you’re asking for a private lender to invest their own money, however, I recommend a position of humility with a detailed plan, rather than an offer of “easy money.”

 This. Every time I hear someone wanting "private" lending for their project because it will be "easy money" for the lender, it's a project that no institutional lender will touch and the borrower thinks that 5% is an excellent rate for the lender. Same goes for when borrowers complain about "complex processes" or lenders "wanting too many documents." This aint Push Button, Get Mortgage.