I want to build a duplex with cash
When the build is complete I want to get a mortgage on the property.
Is that possible??
Yes of course as possible! You probably get 75% LTV on your refinance
If it cost me $250,000 cash to build can I get a mortgage for $250,000 ??
It doesn't matter how much you pay to build the property. It matters what the property is worth. They will go off the appraisal and give you a mortgage based on a percentage of that amount.
Once you arrive apply for the mortgage the bank will do an appraisal. They will give you a mortgage up to 75% of the appraisal amount. My best guess is it should be pretty close to the $250k so the mortgage will be at most $188k.
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