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re: Buying a lot from a builder
Posted on 12/1/14 at 5:52 pm to Sigma
Posted on 12/1/14 at 5:52 pm to Sigma
I've never done it but looked into building myself and the only thing is the loan is a little more complicated when you split it up. You have multiple closings, multiple loans that roll together at the end if I'm not mistaken, etc.
1
Posted on 12/1/14 at 5:55 pm to KG6
The way I understand it is the construction loan pays off the lot in the first draw. We would be doing a construction-to-perm, so one closing for that, plus one prior closing for the lot.
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