First New Construction

[Kai Wernli]

Hello everyone! My name is Kai my wife and I just bought our first deal last year. We bought a duplex that we are currently house hacking. The duplex sits on a double lot. We want to split the lot and build a new duplex. We have talked with contractors and have a couple estimates. We’ve also talked with the city zoning about splitting the lot. My question is how do most finance a new construction? It looks like a construction loan then after construction refi into a traditional mortgage? Thank you!