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Residential constuction, remodel, and refinance loans

Looking to remodel my current home (w/ current mortgage,) into a duplex and build a new home on back land. I have the land, am "shovel-ready" w/ designs done, and w/ strong credit. Approx. 750k on value over 800k. What am I looking at? Perhaps @4-7% for 30 yrs.? Can this be arranged?
  • August 08 2013 - Belgrade
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Answers (4)

You want to be looking for a construction loan as this is out of spectrum for rehab loans!
  • August 13 2013
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So you are thinking of adding a second structure to an existing lot/parcel and converting a current primary residence to a duplex?  If that is correct and you are hoping to have all of the structures on one parcel you have a loan that will require a "portfolio" lender as what you are describing is not a loan that is saleable in the secondary market.  In addition, it can pose some serious challenges for the appraiser.

I would recommend that you split the larger parcel into two different parcels and finance both properties on two different loans.  That type of loan structure is completely doable and requires a qualified construction lender.  
Depending on your geographic location that may be something I can help with.
  • August 12 2013
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Please contact me through my profile to discuss in detail.
  • August 09 2013
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Best bet will likely be to  talk with your local  credit unions and smaller banks in your area
  • August 08 2013
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