Construction financing is very different than financing a stabilized property which  generally comes down to rate, leverage and pre-payment penalties.

Now, in July 2024, competition has waned, but home prices are hot, and rates even higher.

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

Unfortunately, I am not local to your area so I would not know of any contractors of cost, but your local meet ups, mentors, or investors could point you in the right way.

Of course rental rates will likely increase by the time we are ready to rent.

I'm connected with a group that meets monthly. 

I did a cursory internet search when they contacted me and the relatively high ratings and apparently legitimate business structure made me unwary of them being dishonest.

If you see a $220k listing for a duplex where each rent is $1000/month you see immediately that this deal is CLOSE TO 1% and that with negotiation or other improvements in rent or savings in expenses could meet or exceed that.

Whether it's the interest rate spread, extensions, terms, or amount of stock needed, we can work something out that fits their needs.I've learned that the balancing test is important.

Then they will sell you a 5 year warranty for 10% of the discounted rate.