Construction loan process and build questions

[Alexandria Goldinak]

Hey All,

Hypothetically speaking, if I found a commercial space that is zoned for mixed use and I wanted to add an addition to make apartments on a second floor what type of loan would I need, new construction or something else?

A few more questions -

1. What is the process do I need to go to the town first and get plans approved then the lender to approve the plans?

2 does the builder hold the construction loan or would I?

3. Any other information About the process and how the loans work is welcomed as well.

Thank you!!!