Construction Loans and the process Help

[Zackery Ungaro]

Hello everyone,

I am currently working on two properties; one a vacant plot and the other a condemned property. For right now I am more focused on the condemned property due to being able to renovate rather than new build if I keep an existing wall and a failed attempt to have a use variance for the vacant plot to make it eligible for a multi-family property.

The mistakes I made for the vacant property were just endless and took about 6 months to come to fruition. I completely overlooked public water and sewer connections because I simply assumed, I am aware how much a mistake that was. Those things came with their own logistical problems in regards to well supply and septic use. I also did not secure financing and hired an architect, paid for my plans, submitted for my use variance and had nothing in writing from the contractor I planned on hiring.

Now to the condemned property. My question is what is the order that these steps need to be taken to ensure the smoothest operation as possible? I would like to do it right this time. I have looked into construction-to-permanent loans and they seem to be up my alley. The next steps in my mind are; contact mortgage broker to start steps for financing, get stamped plans for what I want (I assume the people lending me money would like to see what i am trying to do), while simultaneously getting my contractor on the same page. Then there bares the question, what is included in this loan? I have to knock this down almost entirely lay a pad and then build this. Do I need quotes for every single process before I even think about my financing?

As you can tell I am more green than green and would appreciate any insight on this. Thank you!