New Build Duplex Funding

[David Edwards]

As of today (3/28/23) I have city approved and stamped plans with all permits paid but my financing has fallen apart, tryign to get this going

While I have history with rehab projects as well as buy and hold room rental properties generating very high cash flows I do not have new build experience.

I have a general contractor with nearly 20 years of build experience, for both himself and clients, he's worked with me on the project and was going to be on the loan with me but recently due to concerns about tax and legal implications ahs decided he can't be on the loan, I don't hold this against him. 

How can I go about getting this funded?

More project details:

Land owned outright via a cash purchase ($76k purchase 9 months ago)

5200 sq foot duplex with a $650k build cost estimate

Shovel ready plans

Each side is 6 primary bedrooms with their own baths and 2 more bedrooms sharing a bath, this makes it a 16 bed 14 bath duplex.

Valuation estimate of $850k - $950k.

I will have about $100k in cash on hand after the sale of another property and another $100k I can tap into if required. this is ideally to fund project work refunded with draws.

Build time estimate 4 month, but lets assume 8 months to set expectations. 

I would appreciate any advice or connections.

Thank you,

-Dave Edwards