We are trying to buy some waterfront land, and a bit confused on what to do. The land we ate trying to secure is bank owned and we are trying to finance through them as well. Apparently they want the land off their books ASAP and don't want to do a construction to perm loan. They want us to buy it outright first...? How exactly do these loans work? Whether I want this lot or another, what is the general flow? I had assumed that I find a lot I like and the construction perm loan essentially purchase the lot and rolls all costs into the loan?
