DADU x2 Build Lending Options in Everett

[Debbie Welch]

Hello! The hubs and I are in the permitting process for our 1st-ever build. Everett allows 2 ADU/DADUs, so we're pending approval on 2 2b/1b units. Met with a GC for the 1st time this past weekend and needless to say, we're off "a bit" on our build estimates. We have a residential loan on the prop now and live in the fixer while we're renovating. In the end, all 3 units will be refinanced into 1 loan, but in the meantime, during construction, we're looking for financing options, without having to refinance our current res loan. We do have about $200k HELOC available from our former primary-turned-rental home, but that's only going to get us almost 1/2 way there. I've been researching and see a few credit unions that do "ADU loans," where they'll assess property value after construction complete, then loan based on that amount. I'm sure there are other options. We've never used hard money or personal loans before, but do have 2 cash-flowing rentals and a primary. Thoughts and ideas are appreciated!