I’m looking for a bank or hard money loan for a two-duplex project in Austin, TX. I want one closing to take down the land and finance the construction at the same time. Anyone have any ideas?
what is the total cost for both (purchase and rehab)?
Hello,
Would need more info to provide solid advise. Total cost, your credit position, how much are you putting down, full doc or stated? Good luck to ya!
What is the requested loan amount?
Are you the builder? if not, do you have a contractor?
Have you applied for building permits?
Do you have an architect? Do you have blueprints?
Have you had any experience with this before?
Do you own any other properties?
Do you have a cost breakdown?
How much are you looking to put in the project?
HI!
There are many lenders that will finance construction and at completion provide conversion to a conventional mortgage and do this with a single closing. Are the two duplexes part of a single deeded property ? If so this is no problem.
Loans for this type of project depend upon whether you are going to use one as a primary residence or vacation home, or both as investment. The loans for residence or vacation are usually up to 80%ltv based on the cost of the land + the cost of construction. For commercial the ltv is usually 75% using the same formula for calculation of the ltv… Both tyes of loans can be set up so you don’t have to make any payments from your own money during the construction phase. Loans are currently available at prime +1.