Looking for help with obtaining a SFH Construction Loan for addition

Investor · Miami · Member since 2020 · 8 posts · 0 votes

Looking for help with obtaining a SFH Construction Loan for addition In Miami, FL

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Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
3y
@Tyler Gautier- thanks 1) is the property your home or a rental ? 2) what is the approx amount needed ? 3) have you explored the option of using a HELOC thats tied to your home ?
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Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
Construction to perm is out there full documentation. Also 12 or 24 months depends on what you need
What loan amount
are there curbs gutters and utilities already there
you own the land
what is your credit/income/cash
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Malgorzata SadowskaPro Member
Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
3y
@Raymond J. Rodrigues is a great lender & can help or knows someone, who can.
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Jason Bowden
Member since 2023 · 57 posts · 27 votes
3y
Sure - a bit more information could be helpful. How much do you need? What's your experience with doing ground-up construction?
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Zach Wain
Scottsdale, AZ · Member since 2019 · 434 posts · 248 votes
3y
@Tyler Gautier - Most construction financing is when you own the land and want to build a new home from the ground up. For an addition, that is likely a cash out refinance or a HELOC. Maybe there is a niche product that someone can offer, but I have not heard of it before. HELOC rates are high, so it depends on how much cash you need to weigh the pro's/con's of a full cash out refi
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