Multi-Family Development Deal

[Jinda Reinig]

Hey all!

I’m curious if anyone has any suggestions on my dilemma. I have identified a current deal with a 5-plex on just over half an acre that is zoned multi family and approved for up to 28 multi family units. We want to buy it and build out to the full 28 units.  It sounds like it is not possible to get a construction loan without the property being owned outright with no lien.

Apart from raising enough capital to pay for the existing assets outright or using a hard money loan, is this our only option???

TIA!!!