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View Full Version : Construction Loan - Can the builder carry if I own the lot


scp_ok
Oct 12, 2007, 05:56 PM
Is it possible for the builder to carry the construction loan if I own the lot? I wasn't sure if this was an option and hope someone can advise me if this is an option. Thanks!

excon
Oct 12, 2007, 07:16 PM
Hello scp:

Yes. You'll have to pledge your lot to the bank, and then take out the construction loan (get your own mortgage) after the house is completed.

excon