Help with lending for New Construction Duplex

[Matt John]

I recently purchased a property in Houston for $100k cash and have secured permits to build a duplex, so the land is shovel-ready. I now need financing for the construction phase, which is projected to cost $250k.

I’m interested in learning about lending options, whether through a hard money lender or private lender, that could cover the build costs. Since I own the land free and clear with no mortgage or liens, I’d like to know if the equity in the property can be used as my down payment to start the build. As I don't have liquid cash because I used that to buy the land.

My plan is to complete construction and then sell the duplex, so I’d like to better understand what options are available and what strategy might work best for this type of deal.

[Chris Seveney]

Quote from @Matt John:

I recently purchased a property in Houston for $100k cash and have secured permits to build a duplex, so the land is shovel-ready. I now need financing for the construction phase, which is projected to cost $250k.

I’m interested in learning about lending options, whether through a hard money lender or private lender, that could cover the build costs. Since I own the land free and clear with no mortgage or liens, I’d like to know if the equity in the property can be used as my down payment to start the build. As I don't have liquid cash because I used that to buy the land.

My plan is to complete construction and then sell the duplex, so I’d like to better understand what options are available and what strategy might work best for this type of deal.

 If you paid cash and have no loan you can get a ground up construction loan for this,. will need to have a licensed GC and a contract but it can be done.happy to quote you on what type of rates you would be looking at