I am looking to buy a lot and then build a home as a business investment. This would be my first property, but I plan within 3 years to do 12-16 a year. The goal is to build a home in 3 months then sell it. Currently, I am running into financing issues. Besides Hard Lending, is there any other financing opportunities? I have been in about 6 banks and they all look puzzled as to what I am trying to do. One lender mentioned a "fix and flip" loan. Would that possibly work, or since its being built from the ground up would that disqualify what I am trying to accomplish? Any information or advice to point me in the right direction would be greatly appreciated. Thanks!
A "Fix and Flip" loan is basically a Hard money loan. Why not just do Hard money if you plan on being out in 3 months? Banks hate short term loans.
Google search "construction to perm loan [region name]." The market will only support 1-2 banks per region offering these to individual consumers (rather than experienced developers). High risk, low profit. Someone will always fill any market void, but most creditors are perfectly happy not to offer this type of financing.