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Updated about 1 year ago, 11/10/2023
Searching for a construction loan in second position
Hi everyone,
My wife and I are looking to add an ADU to our primary residence. We have a wonderful 3.25% interest rate, so we do not want to trade that in using a typical construction loan. So far we've found one bank that'll do a construction loan in second position (https://www.websterbank.com/personal-banking/borrow/mortgage...) and are wondering if anyone knows of any other banks that will do this.
I do know a HELOC or home equity loan is an option, but those won't allow us to access to post construction ARV which we need in this case.
Thanks in advance for the help or any insights!