Construction Loans? Good?
Is a construction loan a good way to go for a flip?
I believe it will take approximately 7 months for the work to be completed. Its my first flip and I'm being brought in as a partner to a guy who has everything lined up. Has the property and subcontractors that he uses on other projects ready to go once the property is acquired. My end is the financing and we will split the profits 50/50. Its hands off other than checking in on the project.
Next- I am getting my LLC going, prior to the start of the project. Its a brand new LLC so there is no credit built up yet. When/If I do a construction loan, is it through the LLC or just me as a borrower?
I know the obvious answers,(go talk to a lawyer or lending company)but, it's 6:30 on Saturday night and none of these people are available. I figured I would get a jump on Monday's work by posting here ahead of time.
Thank you in advance.