jumbomortgages101
Sep 29 2005, 03:45 PM
I am trying to find a line for roughly 115k for a property in Monroe township PA(fast growing are). I have a buyer for the property already and need to get this going. I can do the loan as a primary construction through various lenders but am looking to avoind that and just go with some type of line. I have great credit and good reserves.
Any suggestion appreciated.
Ps: We have the property sold for 169k, under contract and ready to go.
jennifer
Oct 10 2005, 08:57 AM
If you are an established business you may be able to get a business line of credit. The folks you have it presold to could also get a construction loan for you to build it. I am unsure why you don't want the regular building loan, but assume it may be the red tape involved in getting disbursements? Private money is also great! I use it to buy residential homes. I don't even make payments - I do a balloon mortgage & they get their interest & principal together when I cash out or refi (depending on my exit strategy)