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Updated about 4 years ago,
How can I finance building triplex on my lot?
I am in Seattle Wa and want to build a triplex on my lot. I am finalizing designs with architects and I am submitting plans to city in the next month. It is unique lot that was recently rezoned by city to RSL which allows me to build additional building. I already own a single family home/rental on lot with $500,000 in equity. I am hoping to start construction in the spring/summer. I would not qualify for traditional financing right now but I want to get something lined up. Thinking about Hard money but Im not sure what my options are? Hoping to keep construction costs under $600,000.
I own 5 rental properties in the city that all have plenty of equity. I completed Construction my first triplex a year ago with traditional financing where I currently live. I know longer would qualify so I need help figuring out how to move forward?