I own a property outright that is zoned for a 5 unit apartment building. I already have plans that are city approved and the original building has already been demoed and made ready for the construction. I have found borrowing the money to be the final challenge. and, I need help. how does this get done?
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
7y
@Tim Kennedy, usually through a construction loan. You'll probably have to partner with an experienced developer/builder. No way you get the loan without having done this successfully before.
Not trying to be negative, but have you run the numbers? New construction of such a small size usually doesn't pencil out, which is why the only new construction you see in most places are SFHs or large complexes.