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I am looking for an owner lender loan for Kirtland, Ohio. I own the property (appraised $120k) and w

I am looking for an owner lender loan for Kirtland, Ohio. I own the property (appraised $120k) and would like to get $300k to build. I am not a GC but have experience in rehabbing homes. I have a good credit score, own my current home outright ($250K) and would sell it once this one is complete.
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July 12 2013 - Kirtland
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Profile picture for SoCal_Engr
Have you tried talking to local bank about a construction-to-perm loan? I'm not "in the biz", but your land value brings the loan to less than 75% - and I was able to get approved to build at 80%.

The fuzzy part is that you would act as your own GC, and I have a feeling that a lender would want to make sure the house ends up getting built. But, I also know a neighbor at a former house that took a year off and acted as his own GC...so it's not unheard of.

Do you already have plans and blueprints? I know this was a step I needed to get to so that bank had an idea of size/finish -v- cost.

Best of luck...
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July 12 2013
I'd love to talk with you more about this. I think I understand what you're asking but it's not crystal clear. If you're looking for a lender who will lend you money on a plot of land and you're hoping to construct a home on that land, and you build it yourself..  that's probably not going to happen. As I read the post though, I was thinking of a more creative way that could possibly work pending on how you're hoping to approach the project. If you'd like to talk with me more give me a call. Otherwise, best of luck, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information is located on my profile.
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July 12 2013
 
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I am looking for an owner lender loan for Kirtland, Ohio. I own the property (appraised $120k) and w
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Latest answer by SoCal_Engr
July 12 2013 | 2 answers
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