Or will the HD lender provide additional funds for construction?

It means "Non-Owner Occupied Matthew.

Some syndications offered a fixed pref in exchange for a equity bump, which basically raised you up in the stack for payment, the bank, or major lender is usually number 1 in distributions since they hold most of the equity of course.  

I kept meaning to buy for a few years, but I’ve been simply overloaded with a startup.My current country prevents me from purchasing property (non-citizen), and doesn’t offer fixed rate mortgages - the floating rate is high rate at 7%, and has been about this the last 20 years.

Last time I approached lenders I was approved for a loan with an interest rate of 9.5%, but that was when I was trying to purchase through an LLC so it was a commercial loan.

I wanted to see if there are any lenders here that can provide their input.I recently bought a secondary home (2 months ago) in San Diego CA.

The rental income just sits there in a non-interest bearing account until I invest in something.

I got a RE agent (referred by the lender) but she doesn’t seem Knowledgeable at all.

You just really don't want to take this on if you can avoid it because you will automatically be in the hole with not only a non-paying tenant but the out of pocket costs of the eviction, which can be substantial.

Legal integrity is non-negotiable.5.