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Construction Loans in CO

Considering doing a pop the top in our Denver Home, as well as updating the main floor to bring it into the 20th century.....think closets and larger kitchen.   When we bought the home we were paying down some large debt so we financed it via a portfolio loan @ 100% LTV with no PMI.  Yes, there are still some lenders doing that. Unfortunately this bank is not too interested in a construction loan.   
I am looking for some lenders that might do a construction loan of up to perhaps $900000 with as little equity as possible.  
We currently have perhaps $75k equity in our $600K home, and will adding an additional 1500 sq. ft.  We have a bunch of the money to accomplish this, but with rates so low, why would I pay cash on this when I can do better with it elsewhere.   My only concern about the LTV is that it will be based on an appraisal which is made only after I have invested thousands of dollars to get drawings, plans, etc. to the lenders for approval.  I just fear going into the appraisal of a 80% LTV construction loan and I get a horrible appraisal.   I have experienced a difference of $75K between 2 appraisals.   I would just feel more comfortable spending perhaps $5K to get to the appraisal if I knew I was required to bring less to closing.  
Credit Score and income are not an issue at all.   
  • February 18 2013 - Denver
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