Comments on: looking for a partner for a house i am trying to build? http://www.constructionloanz.com/california-construction-loan/looking-for-a-partner-for-a-house-i-am-trying-to-build California & Nationwide Construction Loans Mon, 10 Oct 2011 22:00:09 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Mike http://www.constructionloanz.com/california-construction-loan/looking-for-a-partner-for-a-house-i-am-trying-to-build/comment-page-1#comment-81 Mike Wed, 10 Mar 2010 03:46:59 +0000 http://www.constructionloanz.com/california-construction-loan/looking-for-a-partner-for-a-house-i-am-trying-to-build#comment-81 So, you have one lot that will have two separate homes in the end? One from ground up, the other probably needs some reno. You have $518k in financing, how much of that is free cash? A hard money lender will charge you a huge % on the $75-100k. Think about becoming the GC yourself, in my east coast area that'd save you about 30% immediately. If you already have a good set of plans, you can hire the site work, foundation, framing, roof, rough electrical, rough plumb, landscaping, and handle the inspections, yourself. Then have a GC come in for the finish work. If you then are over budget, with the house mostly done, your bank might listen on a re-fi to complete the project.<br><b>References : </b><br> So, you have one lot that will have two separate homes in the end? One from ground up, the other probably needs some reno. You have $518k in financing, how much of that is free cash? A hard money lender will charge you a huge % on the $75-100k.

Think about becoming the GC yourself, in my east coast area that’d save you about 30% immediately. If you already have a good set of plans, you can hire the site work, foundation, framing, roof, rough electrical, rough plumb, landscaping, and handle the inspections, yourself. Then have a GC come in for the finish work.

If you then are over budget, with the house mostly done, your bank might listen on a re-fi to complete the project.
References :

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