Updated over 10 years ago on . Most recent reply
Construction Financing
Hi All:
I own a property that is currently a rental. I am interested in tearing it down to build and sell. Currently, I owe approximately $170,000 on the loan. I estimate construction costs to be around $250,000. I was curious what insight you might have on the best way to finance the construction. I can use cash to pay off the loan, and will have access to about $80,000 extra. Therefore, I will need approximately $170,000 more. Thanks in advance.