Lending Options for Land purchase for STR build
Hello!
Looking for a bit of insight as to my options on financing. I am wanting to purchase land and build a small cabin to STR (& personal use) in the North GA Market.
I could pull a heloc on my existing primary home (in Florida) to purchase the land and use towards the build along with cash (50/50). We could pull more but 150k in the heloc would be enough for us to buy land cash & build along with cash we have on hand.
My other option I assume is just to get a construction loan & either purchase the land cash, or lump it into the loan. Can anyone provide some guidance on the ideal move? What appx rates would I be looking at for each and what are the pro-con's here?
If I got a Heloc, once the property is built, could I get a traditional mortgage and pay off the heloc and then tap into the new equity as well?
Thanks for the help!
Christina