4-Unit Multifamily Construction Financing Help - Need Loan Options

[Matthew Spiers]

Good morning everyone! I'm in a bit a predicament and need some guidance. I've got a 4-unit construction project I've posted about a couple of times and have had some great feedback on. Currently I've come across this issue:

I've got a GC that's been doing well on the building side, but lately I've come to realize he's just a shell contractor and in his quote didn't include any of the sitework I need done on the project. Being a 4-unit in Cape Coral, it's considered a commercial building and thus has a lot more sitework than if it were just residential. Unfortunately, after maxing out my current loan for $720,000 to build, I've come across another $200,000 in sitework costs.

The appraisal on the property back in 2021 was $1.2 million (I think I can hit $1.3 million by now) and most lenders seem to offer around 80% LTC and LTV so I believe I can get the difference in a refinance; so I wanted to see if there are any lenders here that offer really flexible LTC and LTV loans that can help me finish the project or if anyone has any alternatives to offer. I've made absolute magic work to get this project done and need some real guidance, especially after I've learned throughout this process that most specialists (architects, engineers, etc.) only cover their exact box of scope and offer no additional help along the way.

Each unit will easily rent for $2,200-2,500 per month so covering the loan after I'm done with construction is also not a concern. Thanks in advance to anyone that can help.