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Updated 6 months ago on . Most recent reply

User Stats

11
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James S.
1
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11
Posts

Construction loan/investment friendly lenders

James S.
Posted

How difficult would it be to get an invester friendly construction loan to build on a property where I live and have mortgage. I purchased a home three months ago that came with 3 households and plenty of land to build on for 288. I put twenty percent down at time of purchase as well. With that being said I'm looking for an investment friendly lender to obtain a 300k construction loan and I have about 150k in cash right now. I also know I would need to get a partial mortgage from current lender to build on the property. Is this possible since I already have a mortgage? I can easily cover 20/25% down with cash on hand.  If so are there specific lender recommendations?

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