try another bank Regions does construction loans in FL. that's who we were gonna use. construction loans are very risky for banks. they need to know every thing. Also they will check on the house progress before draws are paid.

I talked to a couple of banks. We have used Wells Fargo for our last two mortgages. They will not do a land loan at all, they would do construction but not until we sell and they would require a substantial down payment. I talked with a local bank that would do a combined equity line on existing home and land loan. The land loan would be amortized over 20 years with a 5 year balloon. Not a bad option. At this point I need more info, need to get a realtor in to see what we can put our existing house on the market for, need to get some numbers back from the builder I am looking to work with, and a second builder to get a cost comparison. I am hearing that things like concrete are through the roof right now? But who knows. I plan on doing a lot of work myself, insulation, painting, floors, cabinets, much of the trim, my dad is going to do the electrical. Hoping I can make the numbers work.

I'm in the early planning stages of a large renovation to our home. Before I fully engage the Architect I'd like to better understand my project financing options. Is there a construction/renovation loan expert (preferably in the Houston, TX area) that you might recommend? If not a specific person, a bank with which you've had good experiences. Any pitfalls in the construction financing process of which I should be aware? Any guidance would be appreciated.

Well, Chris isn't GPT, which nicely summarizes and organizes all the info upstream with no evident lies. GPT: "When it comes to financing a new construction project, there are indeed some "off the beaten path" options you can explore. While I don't have information specific to a person named Bry or their experiences, I can provide you with general information about some unconventional financing ideas. Here are a few possibilities: 40-Year Fixed-Rate Mortgage (FRM): Some lenders offer 40-year FRMs, which can be beneficial if you're looking for a longer loan term to reduce your monthly payments. To find lenders offering this product, you can start by researching local banks, credit unions, and mortgage brokers. Reach out to them directly and inquire about their loan options. Private Portfolio Lender Mortgages: Private portfolio lenders are individuals or companies that provide loans using their own funds. These lenders often have more flexibility in terms of qualifying criteria and loan structures. You can try searching for private portfolio lenders in your area or consider working with a mortgage broker who specializes in connecting borrowers with private lenders. Mortgages from Foreign Banks: It is possible to obtain a mortgage from a foreign bank, such as British or Dutch institutions, for a property located in another country. This option may be suitable if you're constructing a property in a different country. Research foreign banks that operate in the country where you plan to build and reach out to them to inquire about their mortgage products. Non-Conventional Ideas: Apart from the above options, there are other non-conventional financing ideas worth exploring. Some examples include: a. Crowdfunding: Platforms exist that allow you to raise funds from multiple investors who contribute smaller amounts, collectively financing your project. b. Peer-to-Peer Lending: Peer-to-peer lending platforms connect borrowers directly with individual lenders who are willing to fund the project. c. Seller Financing: In some cases, the property seller may be willing to finance the construction project by accepting regular payments instead of the full purchase price upfront. d. Joint Ventures: Partnering with an investor or developer who has experience in construction projects could provide additional financing options. Remember, each financing option has its own requirements, terms, and risks. It's important to thoroughly research and evaluate each choice, and consult with professionals such as mortgage brokers, real estate attorneys, and financial advisors to assess which options best align with your specific circumstances." Pretty soon, we'll all be redundant. :-(( Hear that Charlie Brooker?