Looking to build 2 duplexes but don’t know where to start?

[Chris Mercado]

Hey there everyone. Looking for answers on lending or construction loans to build 2 separate duplexes on my property. I have a single family on almost half an acre; in a prime location near colleges, hospitals, and downtown area. Don’t want to be steered into the wrong direction or end up getting screwed over by shady companies. Appreciate any feedback, thank you very much. 

[Dennis Muno]

Quote from @Chris Mercado:

Hey there everyone. Looking for answers on lending or construction loans to build 2 separate duplexes on my property. I have a single family on almost half an acre; in a prime location near colleges, hospitals, and downtown area. Don’t want to be steered into the wrong direction or end up getting screwed over by shady companies. Appreciate any feedback, thank you very much. 

 Hello Chris,

You'll want to make sure you have the following before you reach out to a lender. For projects like these lenders will ask you for this info:

1. Experience in the last 3 years with your name on title(building, selling*,buy and rehab, fix and flip, etc)

2. Building plans and permits ready or in the process and close to receipt

3. Your income and bank statements will be checked to make sure you or partners(if you have partners in LLC) can make monthly interest only payment

4. LLC documentation- operating agreement

5. General contractor who will do project.

6. Exit strategy- what will you do after building duplex(lenders will need an answer)

These are just a few that come to mind that lenders may ask