Loan options for new construction rental
I have a 3 flat that is fully paid off that has three rental units. It’s very old and it makes sense to tear it down and build something new to maximize the lot size and generate more rental income. I don’t intend to sell it once I complete construction. I do not plan on living there either. The property is currently valued at $850k and ballpark figures for new construction are $1.6M. What are some options I can look at to get financing for the construction? There don’t seem to be mortgage or loan calculators out there that can help me with this.