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Real Estate
Reply to "Construction loan financing question - amount of down payment required"
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[quote=Anonymous]You would probably roll the whole thing and would have to come to closing with 25% of 1.3 million. You can't pull the equity out of your land because they won't let you do an equity line at more than 80% LTV, which you already have in your existing mortgage. You would have to see what they would take as collateral for the construction loan if you just tried to finance the $400K, but I would be surprised if they would agree to be a second lien behind your mortgage, in which case you need the 25% on the whole thing. But talk to the various lenders and see. Some might be more flexible than others, especially depending on your financial situation.[/quote]
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