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    alfordhouse's Avatar
    alfordhouse Posts: 1, Reputation: 1
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    #1

    Mar 17, 2009, 12:34 PM
    Short term construction loan
    I bought a lot of land and I am now ready to build on it. Due to the economic times right now I cannt find a construction loan. I do have my permanent mortgage in place. How can you find money to borrow for six months? This has put a stand still on all of my plans.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Mar 18, 2009, 05:39 PM

    You should have gotten a loan for the land and the home at the same time. Much easier to get. Now you'll have to really hustle to find a lender for such a short period for a construction loan.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Mar 18, 2009, 06:47 PM
    The best place to try first is a local bank. It helps if you do all of your banking there. Try to arrange a construction loan that will become permanent upon issuance of a certificate of occupancy.

    Don't waste time with mortgage brokers or mortgage bankers.
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