Construction Loan Viability

[Robert L Yarber Jr]

Hello.

I have two duplex units in the Cleveland, Ohio area with a market value of $445,000 with two different lenders, and I currently have aspirations of building a 5-unit townhome in the area. I have a verbal agreement to purchase the .59-acre parcel, but I would like to know if obtaining a commercial loan is feasible. My profile is a 700-credit score, $200k W-2 salary and $5,500 in monthly rental income and limited cash.