Build Mortgage on Existing Property?

[Alex Washburn]

Hello All,

I've started researching build mortgages especially once I discovered a 'build mortgage' can both be used to build a home from scratch (duh) but can also be used on an existing structure.

Question:

1. Can I get a construction to permanent build loan on an existing property in the state of Tennessee?

2. If you've attempted to do this and HAVE done it I'd love to hear some personal anecdotes about this process.

3. Any recommendations on a lender I can approach for this? 

This property is VERY small and I want to run it as a test case in the area. Total mortgage with repairs added onto the permanent loan would be for under 80k.