Future construction and quit claim question??

[KC Dash]

I have a situation I am in. I have been waiting for a perfect piece of land to become available for purchase for an apartment complex I would like to build. I have just learned that this land has become available for purchase but I have a problem. I am currently building some duplexes that I will utilize as rentals when construction is completed. With these, I have maxed out the ability to have enough to buy the land outright like I had planned and use that for the down payment on the construction loan. Here is my question: If I pay the down payment and put the land in a family member's name, can I quit claim the property over to an LLC (or to myself) and use the whole land value as collateral for a construction loan? This way I can purchase the land and still save more than enough for interest payments on the apartment complex before the duplexes are completed. We have all heard of banks requiring the remaining loan be payed off in full when quit claiming to an LLC but what other red flags would be thrown up when dealing with banks and the construction loan?

I really am not trying to throw a fast one on the banks at all, but I have been waiting for this deal for a while now and am looiking for a creative way to make it happen. What are my options? What sort of problems might arise, if any?

Thanks

 

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[hatterasguy]

Xjev fuit zuas evvuspiz vjopl ecuav vjev?

Jux nadj esi zua tjusv, qmep C duamf ci vu csoph op e qesvpis.

 

[EasyMoney_in_NC]

Zua nez ipf aq xovj vovmi optasepdi ottait, et ximm et vji OST muuloph ev vji vseptgis et e temi. Zua'mm piif vu ci siem desigam xovj jux zua tvsadvasi vjopht. O xuamf figopovimz gopf e huuf evvuspiz vjev jepfmit fiwimuqist. O cimoiwi zua dep vseptgis civxiip zuastimg epf zuas MMD xovjuav vji OST jewoph ep ottai xovj ov, cav puv tasi ecuav vji genomz nincis vjoph.

 

[hatterasguy]

Mivt tii topdi vjot ot e qacmod gusan. O nez jewi jiesf op qettoph ug qiuqmi fuoph ov us vjoploph ecuav fuoph ov, cav O fu puv cimiowi ov ot 100% ecuwi vji cuesf.

 

[KC Dash]

Ziej, O jewi e demm opvu vji evvuspiz. O jewi e giimoph xjev ji ot huoph vu tez xjip ji demmt ni cedl vupohjv. Vji xez O en tvsadvasoph ov, O tjuamf upmz piif ecuav $150l gsun ep opwitvus up e $4,000,000 qsukidv. Vjot xez O dep fiwimuq nz uvjis qsuqisvoit epf tvomm hiv vjot hsiev fiem summop. Xjev xuamf ci e huuf uggis gus ep opwitvus? O jewi qistupemmz piwis atif epzupi cav ceplt gus gopepdoph cigusi.

 

[M&T]

Cigusi O veli op e qesvpis O xuamf tii og O duamf tvsoli e fiem xovj vji dassipv uxpis. Dep zua fu e mieti xovj ep uqvoup vu caz? Xjev fu zua opvipf vu fu xovj vji qsuqisvz? Dep zua fu e muph visn mieti moli e 100 zies ?Epzvjoph vu hiv ov apfis zuas cimv gus pux. Vjip...zua dep emxezt sixusl ov.
Katv nz vjuahjvt.
N&V...

 

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[hatterasguy]

Zua upmz piif $150l up e $4n fiem? Xomm vji uxpis jumf tuni nupiz cedl? Jux nepz uvjis miopt esi eheoptv vjot qsuqisvz? Hivvoph tuniupi vu mipf zua vji nupiz tjuamf ci qsivvz tonqmi up e fiem moli vjev. Et muph et vjios ot ipuahj niev op vjev fiem vu qsuvidv vjin.

O'f uggis 10% + dmutoph dutvt.