construction loans ?
Is there a construction loan expert on the forum ? Besides the fact that I need to talk to one, I have a few questions that other may be able to answer -
- What sort of guarantee do banks look for in giving a construction loan ? Can you put up the lot that you are constructing on and/or other property as Collateral ?
- Can someone, not on the title of the lot give a loan guarantee ?
- Is it OK for an LLC to own the lot and get the loan against the LLC, maybe with a personal guarantee ?
- Anything else the lenders look for, besides the credit history etc to approve a loan ?
Thanks in advance for your input.