Updated over 3 years ago on . Most recent reply
Lending options for rental construction
Hello,
We have a property that has potential for a 56 unit development. We have general contracted a similar size development ourselves in 2018/2019. I currently manage those units. We have continued to build and flip properties but are now at the point that we would love to build a rental development for ourselves to long term hold.
I've spoken with a lender about a HUD refi program that sounds incredible for the long term financing but as he said, the hardest part is getting the construction loan and getting the units on the ground. So my question is what is the best way to go about getting the construction portion covered with minimal amounts of cash? What's a realistic outcome to expect? Is there anyone out there who has done this before who could guide me through it? Or suggestions on where to start. Thank you!