Construction loan for mutli-family

[Chris Turek]

I apologize if this gets a little long but it is a little complicated.  I purchased a property 2 months ago.  I financed it with a local bank at a great rate.  It has 4 houses on the property, really three houses and a summer cottage.  I'm going to totally rework the entire property in 2-3 phases.  Phase 1 is to rebuild the primary residence on the property.  It is a 3 bedroom single family  the other 2 houses are 2bd 1 bath single family.  I have a great loan at 3.5%.  I put down 25% on a purchase price of 625k.  After rebuilding the first house, which I will keep and use as as a vacation home, I will sub divide the lot.  The half with this house will only have this 1 house on it.  The other half will have the 2 other houses but I will most likely knock both down and build a spec house and sell it.

i'm giving all this background because it is my understanding I will need to either rebuild the current house with cash and not tell the bank I am doing it or refi out of the existing loan into a multi family construction loan.  The bank that gave me this loan will not do multi-family construction loans so unfortunately I need to find someone else.  I would like to be able to