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Updated over 18 years ago on . Most recent reply

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What type of loan (construction/personal/etc.)?

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*I posted this in the "Starting Out" section, but I though I would try here as well.*

I'm a bit confused as to what type of loan I should be looking for.

The project: I'm purchasing a small plot of land, building a home on it (I already have a contractor lined up and he's given me a bid), and then selling the home (for a profit).

Should I be looking for a construction loan? A business loan? A standard mortgage loan? A personal loan?

What are the advantages/disadvantages of each of these different types of loans?

Thank you for any replies.

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