Once this is verified you can then refi from the commercial world into ( for a fixed rate longer term loan as commercial loans are typically 5 year balloons that reset after 5 with current rates )  the secondary market.

@Cody DeLong Yeah I typically find my own deals and have a hard time paying 2-3% which is why I asked.

Just curious if it’s typical to have this happen.

When they do you're typically talking about non traditional banks, or you're getting into the commercial side of their lending.

Would typically need to have your project at a minimally complete level. 

Is there a benefit to that approach vs just getting a typical home loan on the second property?

You'd need to line itemize the closing costs and tell us how much you're buying the property for to get a real opinion of where you might be getting hosed, if anywhere.For an example, on a recent $200k cash purchase closing I had here in Raleigh, I paid $550 to the attorney for his fee to conduct the title search and close the loan (this is higher than I typically pay but I closed at an atty's office that I don't usually close at due to other semantics surrounding the deal itself and the seller). 

REIA meetings are usually $20 or so (at least where I live) and the other meetups are typically free.

My company has built large residential multifamily developments in these areas with title recordings Edwrd to show to you upon your request.In addition to our regular revenues from for sale and selling now projects in open airy suburban areas of high demand as stated above [partially by luck of course - no one knew the pandemic would come ] plus our annual rental portfolio management fees of over 800 rental units we manage and development fees revenue {typically $2 M or $3M per new residential multifamily development project } as major revenue sources we additionally enjoy our real estate asset management fees , and monthly interest on our diversified CMBS residential investment grade bond portfolio.

I see what your saying Grant I typically have been trying to run my numbers off a 20% down payment scenario.