I met with a builder this morning (Dennis "Buckeye" Walton), he seems optimistic about the project but just as confused about financing sources as I am.
His next two steps:
- Obtain accurate architectural drafting and field measuring - Obtain initial financing
The problem, again, is that an accurate financing requirement cannot be developed without a limited amount of preliminary financing for:
- Demolition - Architectural Drafting/Field Measuring - Hazardous Waste Removal - Roof Replacement - Structural reinforcement
Therefore, I'm going to reach out to all of my financing organization contacts about obtaining a line-of-credit, the balance of which, after 6 months, can then be folded into a traditional construction mortgage plan.
I'll shop this idea around. Someone out there in the financing industry has dealt with this before. Probably: PNC, Dollar Bank, Clearview Federal Credit Union. Seeking other recommendations.
~BAS