Financing Construction of Owner-Occupied Fourplex

[Scott Emsley]

Two years ago I purchased vacant land in Grand Junction, CO that is zoned so that I can build commercial, residential, multi-family or any combination thereof. According to the building codes, my lot is just big enough to build a four-plex. I've got an architectural design picked out, a contractor selected, and I've got the family ready and willing to move into one of the units. All systems are a go... except financing. I've got some money tucked away for a down payment, but nowhere near 35%. I was hoping to put as little down as possible, and then refinance into an owner-occupied conventional loan once it's built. I suppose if this stuff was easy, everyone would do it. But what options are there for me other than a hard-money lender?