Where To Obtain Reserves For $900k Spec Home
We have located land in Palm Springs, California and have plans for a home that was recently built as a spec there. The land and cost of building total $900k. The home sold in 30 days for $2.1 mil. Where can we obtain money for the cash reserves required to build a similar home in a similar location? What sort of interest would be fair to pay for such a loan? Thank you.
I would recommend posting you needs at The Note Lounge. Many private lenders/mortgage brokers will read and give you options. I have seen one advertise 100% financing for construction.
http://www.papersourceonline.com/discus/.scripts/discus.cgi?pg=topics
Good Luck!
I built a Spec house, and for financing I went to a smaller local bank where I was going to build the house. I didn't build a 900k house, I just built a 200k one, and had to qualify for that amount of a loan. I'm paying prime +1 for interest, interest only, 1 year balloon.
Your replies are much appreciated