Multifamily Construction Loan

[Rachelle Bisaillon]

I have a piece of land with a small wood house that I am looking to demolish and build two townhomes on. I have not had plans drawn up yet but some basic ideas from local builders are 2 homes @1700 sq feet each. Build cost $200-$250sq ft. I owe $232,000 on it and expect roughly $700,000 to build. ARV after completed should be approx $1,600,000. I am a little cash poor at the moment as I have another house under renovation after a flood. I am looking for financing so I can put down as little as possible so I don't have to sell another house for capital and pay crazy taxes on it. I prefer to find a way to finance and build now and refinance once completed.