I was in your position a while back, and unfortunately, lost a great deal of money in the deal. And I saw the bursting bubble coming too. Couldn’t get the builder to keep on the construction schedule, so we missed the top of the market. Had he been on time, we’d have made out fine.
If you have a second TD behind a construction loan, you are really in a bad position. Depending on the numbers, you could lose it all. I salvaged some, but it took a good lawyer, a big infusion of more cash, and a lot of sleepness nights.
