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Forums Home  >>  Craig
California  >  Need a construction loan

Craig's Forum Posts: 1
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By Craig in Graeagle, CA on 5/30/2012

We have our project (Seven Peaks ICF) about two-thirds done but have run out of money, and after five years of work, getting motivated to get it done. Our current plan is to find private money and take a 6-month construction loan, then refinance to permanent so as to take advantage of the low interest rates. The only source of money we have is easyconstructionloan.com. Will be starting the process next week as I have not yet found any horror stories about these guys and am hoping for the best. Also working with a mortgage broker for the refi. So, these guys are expensive. Three points and a processing fee right up front and 9%-11% interest on money that has been drawn. Hence the need to be prepared to pull the trigger on the refi.

If anyone has experience with these guys or other private money, I'd love to hear of any pitfalls you may have experienced, and your guidance.


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