Need advice on new construction loan for multifamily

[Kevin Jones]

Need some advice so that we can go down the correct road. Me and my partner have a little over 200k in equity in one of our homes. We want to sell that home and use the money for an 11 unit apartment building being built behind one of our SFR that is zoned R3 and in a neighborhood of multifamily homes. We believe the land isn't being utilized to its full potential. How should we go about getting a new construction loan. Should we sell our home first. Or get ahold of someone first for the new loan? I've built plenty of SFR's from the ground up and have all specialty contractors that I'll need that have worked on both SFR and commercial properties. Any help would be great.

[Tarik Turner]

As long as you have the experience with ground up construction and the construction budgets are all large enough in scale you should be fine.  

You can always speak with a lender or experienced broker prior to jumping out of the window just to see what you would qualify for