Loans and best way to secure a loan.

4 Replies

I currently own a duplex with my wife threw our company. I used my Inheritance money to purchase that property but the house is super old and the owner before did a horrible job keeping it up to date and in good condition. It is zoned for multi family and the property is big enough for a to 4-8 unit building to replace the current one. Who or how do a talk to a bank or Leander to get the loan to build this property. I own the property with no mortgage. What is the best way to start the adventure I am looking to go on?

@Joseph Amato

That sounds like you need to get a construction loan.  Speak to a local bank / credit union / etc.  Just be aware that over 4 units its a commercial property so it won't qualify for a conforming residential loan as permanent financing.

Good luck.

Originally posted by @Joseph Amato :

I currently own a duplex with my wife threw our company. I used my Inheritance money to purchase that property but the house is super old and the owner before did a horrible job keeping it up to date and in good condition. It is zoned for multi family and the property is big enough for a to 4-8 unit building to replace the current one. Who or how do a talk to a bank or Leander to get the loan to build this property. I own the property with no mortgage. What is the best way to start the adventure I am looking to go on?

Hey Joseph

Do you live in the property? I understand you own it through your company, but if it's a single member LLC and you live in it, you may be able to change the vesting and qualify for a Fannie Mae backed construction loan if you keep the renovation to 4 units and below.

Stephanie