Is it even possible: no money down construction?

Question

Is it possible to get a no-money-down constrution loan?  I'm looking for about $190,000.

I have already gone through the application process with 3 loan brokers, and none of them have been able to help.  They have all said they can't do it, and have referred me to someone else.  Is this request ridiculous?  I would be willing to put a small percentage down, but I would like to try and get 100% financing.

I'm just wondering if this can even be done?  I'm still trying...

N/A N/A · Answer

We are a direct lender and we do these.  We specialize in $5,000 Pre Construction (Construction to Perm) Loans.

$5,000 Out of Pocket
90% of Value/100% of Cost
Construction to Perm loan
Once construction is complete the loan modifies into a 5/1 ARM with no additional fees/costs.  Rates on the 5/1 ARM are currently in the mid 7's.

$5,000 Down, Investor and Builder Spec Loans

If you don't already have a property in mind there are some featured on the website, but we have a lot more that aren't on there.  We have property all over GA, FL, and MS that are eligible for $5,000 Construction Perm financing.

$5,000 Pre-Construction Investments

Scott Miller · Answer

It depends where you are located, but there is a hard money loan program that will; here are the details:

100 LTC (between 65-75 ACV)
10.99%~11.99%
4-5 Points
Spec or Owner/Builder Allowed
6-18 month maturity (extendable to 5 years)
Interest Only Payments
Repayment is based upon disbursed funds not total loan amount
Not FICO Driven (equity driven)
No Reserves Required
Individuals, Corps. Partnerships, Trusts and LLCs allowed
No Prepay

Regards,

Scott Miller