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Updated over 4 years ago on . Most recent reply

Steven Macdonald's profile image
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Steven Macdonald
  • Member since Mar 16, 2020
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Steven Macdonald's profile image
Steven Macdonald's profile image
Steven Macdonald
  • Member since Mar 16, 2020
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Steven Macdonald
5
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35
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Real Estate Deal Analysis & Advice

Hard money loan for ADU?

Steven Macdonald
Posted

Can I use a hard money loan to put an ADU on my property? Then refi the loan as a whole after the ADU is built? And with little down.

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Matthew Forrest's profile image
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Matthew Forrest
  • Rental Property Investor
  • from Torrance, CA
  • Member since Aug 7, 2016
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Matthew Forrest's profile image
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Matthew Forrest
  • Rental Property Investor
  • from Torrance, CA
  • Member since Aug 7, 2016
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Matthew Forrest
  • Rental Property Investor
  • Torrance, CA
132
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263
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Matthew Forrest
  • Rental Property Investor
  • Torrance, CA
Replied

@Steven Macdonald I would not rely on a refinance to pay off the hard money loan. I completed my ADU and went for a refi and got an appraisal at property purchase price +$20k. Essentially this valued the ADU (700 sqft 1/1) at $20k. If there are good comps in your area it may work out for you, but I wouldn't take the risk if you could go the HELOC route.

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