A construction loa is any value added loan where the proceeds are used to finance construction of some kind. In the United States. A construction loan is a more specific type of loan, designed for construction and containing features such as interest reserves, where repayment ability may be based on something that can only occur when the project is built.
Thus, the defining features of these loans are special monitoring and guidelines above normal loan guidelines to ensure that the project is completed so that repayment can begin to take place.
Very few lenders offer this. I would try to buy a manufactured home in a complex that allows you to buy both the home and the land. I have a listing in a very nice complex that allows for that. Contact me is interested and I can share. good luck!
Jesse G. Salas
Homes for Heroes San Diego
Conventional Properties, Inc.
Direct: (619) 980-0883... more