[header] How to get a spec loan for construction [title] Find an improved lot. [step] Since a " spec loan " is a loan for a construction project without any committed buyers, it is inherently riskier than many other construction loans. Therefore you'll maximize your chances of qualifying for the loan if you choose to build on a lot that isn't completely undeveloped. 
In other words, the land needs to be " improved. " [substeps] Raw land, as opposed to improved land, doesn't have roads, curbs, water or sewer lines, or electric hookups.