$1.3M APPRAISAL-Need Construction Funding for Project!

[Paul Wallace]

Still searching for a hard/private money loan for a construction project in Knoxville, TN. Have an appraisal for project on January, 2016 for $1,300,000. Needing a 75% LTV loan based on the appraisal to get this project funded.

Here is a recap of what I am wanting to do:

House Build Price-$737,000

Land Payoff-$213,000

*Construction Loan Amount Requested-$950,000*

Appraised value of home/land-$1,300,000

I will be acting as the contractor on home and that is where I am getting the difference from the total construction cost to the appraised value of home. Trying to use the equity that I will have in project as most of my down payment money.

I purchased the 5 acre Estate Lot (Lot 6, Fallen Oaks Drive, Knoxville, TN) in April, 2016 and have already paid down land loan to around $213,000. Appraisal from April, 2016 on just land itself is at $250,000.

I have an llc established, "Wallace Family Properties of TN, LLC". I would like to structure the loan through the llc as a non-owner occupied custom spec home.

Thanks for looking,

Paul Wallace

Wallace Family Properties of TN, LLC

Contact me at: