The process is the same, the lenders are different... and fewer. However, construction financing is coming back, and with it, lot loan purchase financing. Lenders prefer that you come to the construction loan table with your lot already in hand, but they will consider doing the lot purchase as part of their construction financing package. As always, the lender will want you to contribute your portion of the total project cost up front.
I have been a loan officer for 20 years, and was previously a construction project manager. I know and love construction financing. We have in-house construction loan programs and can broker to portfolio lenders as well.
Senior Mortgage Consultant
Homeowners Financial Group
Top Regional Mortgage Professional- Los Angeles Magazine 2014
Top 1% Mortgage Originator 2013- Mortgage Executive Magazine