Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

33
Posts
14
Votes
Chris Turek
14
Votes |
33
Posts

Construction loan for mutli-family

Chris Turek
Posted

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