First-time Spec house builders need to understand the nuances of financing to ensure successful projects. From navigating traditional mortgage loans to exploring non-conventional options, various financing solutions are available. Builders must also consider budgeting, obtaining licenses, and working with lenders and intermediaries. Development financing for larger new construction projects and alternative financing approaches should also
much passion bruce put into this ultimate spec house. yeah, i only get to use my yacht five times a year. it s awful. i was doing the math here. 20% down. 30-year fixed mortgage, maybe 4%. property taxes, insurance. all works out to be $1.25 million a month. so who has that kind of money to buy this place? reporter: well, they don t think that anyone s going to make payments on this place. no kidding. reporter: what bruce is targeting is that very affluent person i know overseas and perhaps it s someone from the middle east or europe, maybe someone in the states who s going to want to come in here, and there are not too many human beings they grant you that could afford this. but it is a very elite, upper, upper, upper crust person who is looking for this house, which would indeed make a statement to the neighbors, john. and whoever buys it, they re going to throw an awesome housewarming party. paul, thanks for being with us.