OfflineOK Lets see if I can get this out in 1000 words or less.
I am trying to figure out how to get financing for a home that is 75% complete or in roughed in condition. This a new construction home. I am assuming that the investors pulled out of this gated community due to the massive economic downturn in Florida. My wife and I have seen this community go up over the last four or five years. Back in 2007 these homes where listing @ $500-$600k and now I have the ability to pick up a home we once were considering buying at the $500k price for $125k with a boat slip or $100k without. I am a contractor and am looking to be the GC on this project but am not quite sure where to go for financing. I also want to do try to do all or most of the work myself as per lic. requirments will allow over the next 3 to 4 years possibly, if finacing guidlines will allow it. I have already spoken with USAA and Bank of America and neither really seemed all that interested in working with me or flat out said it wasn't possible. I know Dean always says think outside the box and to step out of our comfort level so I am doing just that. Recent homes in this same community and same floor plan have sold for over $300k and I know from experience that max to finish this property would be $100k if I wanted to go all high end with the property. So if anyone has any ideas lemme know, I don't wanna miss this deal!
Stacey
Here's a link to a post that I had on here from a a year ago. Perhaps Kraig can help you out.
http://www.deangraziosi.com/real-estate-forums/my-deals/81588/my-first-r...
post #27 if it doesn't go directly to my old post. If the big banks won't help you, perhaps a smaller bank will. This particular bank has a single office nationwide but will loan nationwide. It's an insurance backed bank so they can make their own rules.
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