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Updated about 4 years ago on . Most recent reply

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10
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Irvin Ricano
5
Votes |
10
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New investor Bank for ADU funding, New Construction or Heloc

Irvin Ricano
Posted

Good evening bigger pockets community,

I am in Denver, CO. I am looking for a bank that works well with new investors. I have an ADU project I am trying to fund. Looking for a HELOC or potentially a construction loan. Haven't had to much luck with banks that I have found. I already have budget and GC just need capital. Any recommendation to any banks that are new-investor friendly. Preferably in Denver but cant be to picky since I am just starting. Thank you for your input.

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User Stats

10
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5
Votes
Irvin Ricano
5
Votes |
10
Posts
Irvin Ricano
Replied

Thank you for the response Karen Margrave. I owe 300k. House is worth in the upper 500k. Have not had an appraisal to confirm but have had a seasoned realtor give me his thoughts. Properties with ADU's appraise around 700k to 800k. Construction would be about $180k. Rents for a 1bed 1 bath start at $1300 in Denver. Unfortunately, since I am a new investor banks aren't comfortable lending to me so easily.

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