Creative Financing Options for Contruction Project?

Answered by Brendan ~ February 19, 2010 ~ 2 Comments » | Respond to this question

I have a small residential lot in Montford. The weak economy is slowing down financing options. My goal was to build a small home soon so I could take advantage of low 30 year mortgage rates once completed, but I don't have the resources to immediately borrow 200,000 or more for construction cost. Are there any creative financing options to do this? Or construction companies that might either finance or take payment FROM ultimate 30 year mortgage closing? Or other options?

P.M. ~ Montford, Maryland

Brendan Fowler

Financing is certainly harder these days. My advice here would be research, research, research. There are options and sometimes you will need to just go directly to a lender and see what can be worked out. There may be some contractors that would be willing to work out some kind of financing deal but it is not very common. Larger developers sometimes finance their own homes for buyers but to find a custom home builder who would shoulder the entire cost of a construction project may be tough to find.

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