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Enough_Camel2650 t1_j4ngr5q wrote

Construction loans are at 18% right now because banks don’t feel people are going to seek things to completion, which is not right but it’s valid, given that there are two houses in the town I live in up for sale half built for over $300k & the other for over $400k

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whys0brave t1_j4onzsl wrote

I was told I needed 30% for a construction loan in 2019 from 2 credit unions

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ursideye t1_j4nw5yf wrote

18%?! Good grief.

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Enough_Camel2650 t1_j4nxpgy wrote

Astronomical & unapproachable. On a plus note, when you only have the construction loan you are solely paying the interest & not the principal

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ursideye t1_j4o850k wrote

Ah I dunno if I’d view that as a positive lol. But good on you for seeing a silver lining.

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