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Nash Mittelman
  • Real Estate Agent
  • Bay Area
14
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24
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Need $$ For an ADU in CA

Nash Mittelman
  • Real Estate Agent
  • Bay Area
Posted Apr 2 2023, 09:35

I am looking at ways to build and finance an ADU on my duplex in Richmond. Currently, I have a detached garage that needs to be torn down and I have to get creative with ways to add ADU. The challenge I'm running into is that with most construction loans, I would need to refinance my mortgage once the work is complete, where (today) I would probably be paying an upwards of 6% from my 3% mortgage, which totally skews the numbers.

Is anyone aware of amazing lines of credit or niche products for something like this.. I am looking for 100-200k... or is Hard Money the only option? Thanks BP! 

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