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The Water Cooler
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Buying Land/Construction Loans?
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<blockquote data-quote="stick4" data-source="post: 2081983" data-attributes="member: 26023"><p>Check into a bridge loan. That's what we did. Had some CDs in Pentagon Federal CU and our current home was paid off. Needed to borrow $100K to put with the CDs to pay the builder as the stages of completion went along. As soon as the builder got the occupancy certificate we moved in. Sold the old house 2 wks later and paid off the bridge loan.</p></blockquote><p></p>
[QUOTE="stick4, post: 2081983, member: 26023"] Check into a bridge loan. That's what we did. Had some CDs in Pentagon Federal CU and our current home was paid off. Needed to borrow $100K to put with the CDs to pay the builder as the stages of completion went along. As soon as the builder got the occupancy certificate we moved in. Sold the old house 2 wks later and paid off the bridge loan. [/QUOTE]
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