All Forum Posts by: Account Closed

Does anyone that does rental property insurance in Charlotte NC with good prices

Hi All,

I'm looking to refinance a construction loan I have on a new construction I just completed. I have a renter willing to rent for 2 years so I'm looking for a loan for 3 to 5 years or more. 235,000 loan amount value of home presently is 340,000. Banks say no.

Home is in Charlotte NC very fast growing area.

Any Ideas out there sure would help.

Chris

The construction loan is private money. Banks don't seem to like building contractors, Thanks for the advise,

Builder, (ME)  currently finishing up a new construction home I'm building in Charlotte NC. The home started as a spec home, the area is so nice Id like to make it my personal home. 

So I'm looking for financing so I can make this home my personal residence, This home is in a great area of Charlotte NC , home sits on two acres, Lake Wylie is down the street.

Toll Brothers and Standard Pacific all building in this area.

Loan I'm looking for.

Value of home 335,000 when complete, completion date is 7/17/16

LTV 65 -70 Percent

220,000 loan amount at 6 to 7 percent, amortized over 30 years

1 to 2 points

loan term 5.10.20 30 years what ever fits investor.

Please email for more info.

Thanks for looking

Chris Seagondollar

Ken its not so much the interest rate its the points I've been quoted.

Hard money would be my last option , private or hard money are two different animals, cost for hard money if you run into holding longer than panned your broke in a minute so plan ahead when using hard money.

 Best way is to ask other owners in the area where this property is.

Here in North Carolina we use Attorneys best 250 - 300 dollars I ever spent attorney writes the contract, does signing and records.

California is a different animal, I build custom homes there for years , escrow and title was very pricey there. Maybe see if a real estate attorney will do it for you in CA. 

Builder with 25 + years in Custom home building is Looking for funding in and around Charlotte North Carolina on New Construction Spec homes, offering 10-12 percent interest 1-3 points 8 - 12 month term. loan amount 200,000. Joint Ventures welcome. I have two projects ready to go.

Don't forget to check into Homeowners insurance, if the place is to bad you may find yourself hunting for insurance. no insurance no loan.