Trying to figure out dadu funding

[Andre Houston]

I have a property that is dadu ready I have a heloc for 227,000 I want to build a dadu with the heloc money but I'm sure the cost is more than my heloc how do I get the rest of the money to finish the build so I could refi after to pay the heloc back could I get a construction loan for 100,000 to help finish the dadu?

[Ty Coutts]

Hey Andre,

To complete your DADU project, you can use your $227,000 HELOC and consider getting a construction loan for the additional funds needed, such as $100,000. This combination would cover the total cost of the build. Once the DADU is finished, you can refinance your property, ideally through a cash-out refinance, to pay off both the HELOC and the construction loan. This would consolidate your debt into a single mortgage with better terms. It's a good idea to talk to a lender to ensure you meet all the requirements and get the best deal, so if you want to discuss please feel free to reach out to me directly!

[Andre Houston]

Thank you so much for that information I really appreciate the help I was told I would have to wait until the property has its own tax number I wouldn't be able to split the parcel until 2025 because no construction loan wants to be a second lean on a property is that true 

[Yanina Panfilenka]

Check what Keane would say. He's making several loan products on the project so it's cost effective and specializes in DADUs
https://crosscountrymortgage.com/The-Keane-Ng-Team/

[Andre Houston]

Thank you for this information