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Updated almost 8 years ago,
Construction loan for new building on owned parcel?
I currently own a four plex on a large parcel. I want to build a 2nd four plex next to it. Does anyone know the process to put this in to motion? I guess my main question is, would this void my current 30yr Mortgage and turn it in to a commercial loan?
Other than that I already have a contractor in place who can build it, but I don't know if I need to get plans drawn up from an architect first, or how to start it. If anyone has done a similar project before or knows what to do, and what potential pit falls to avoid it would be appreciated.