Construction Loan with Chapter 7
We filed chapter 7 in November of 2018 and want to know if there is any lender willing to work with us to secure a construction loan in Arizona? We are GC's and own one home in CO with equity. We would like to build a home in AZ, addition to keeping that property for rental income in CO.Our bankruptcy was the result of a lawsuit filed against us from an old business partner. Until our BK we had great credit and have never been late on our home mortgage. Our credit score is about 670 now.Thank you in advance for your time. by colleenmharmon57552 from Columbus, Ohio. Feb 10th 2020
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
You'll probably be best served by contacting a local, community bank in AZ.The other possible option is a VA/FHA one time close construction loan. The issue with this option is the cost & the investor will not allow you to act as your GC.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Great Plains Bank | jburke@gpbankTX.net | (877)228-9069 | NMLS# 787231 |
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