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With current conditions, make sure they can't RAISE interest rates, and YOU can make payments as required to convert the loan.

I'd check with several lenders to compare, If you need a construction loan, why not Save MORE money and wait a year or to two for cheaper, higher quality materials to return to market.

Or buy a dead project a fraction of actual costs?

Build What YOU can afford in tough times coming with Uber interest rates, High Property taxes and silly income and equity stealing Taxes growing every year?????

make sure the loan company doesn't do business with the local big boys in your trade circle. keep some credit un tapped for enemy action and just plain old bad luck and governance.

I'd run a cash flow spread sheet with a third party like your accountant? to see how close to over financed you are getting.

You might spend a few hours study the last few great run-ups in interest rates in America and Europe, See Ireland/Iceland if you really want to get depressed.
 
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