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Updated over 1 year ago, 06/20/2023
Financing new construction
I want to build an extra 2 units (each 1bed, 1bath)on my property that consists of a large level lot and a 2 family house. I want it to be a detached dwelling. Issues I have are, not enough capital to pay cash and already having a mortgage on existing property. Options for financing hard money, construction loan, HELOC in near future. My question is, can I do a construction loan with an existing mortgage on the property? Would I need to refinance my current mortgage once build is complete? thank you in advance