Looking for KY new construction lender

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Hi, has anyone found a lender that will finance a new construction multi-family for a first-time investor? I have called about 20 hard money lenders today who all either said I need more experience or they do not lend in KY.

I have the land under contract, planning to close in a few weeks. I am demolishing the house that is currently on the property due to it being on the city demolition list. I verified with the city that it is R4 zoned. Have a contractor with experience lined up. But I cannot find a lender.

My local bank said it would 50/50 if they would fund the build. My credit union said they would not find the build, but would gladly refinance it to a VA loan once I move in.

I am located in Hopkinsville.


@Joshua Batey

For anyone in the future:

I talked with my contractor and he understood. He will get the construction loan in his name. However, I will pay for part of the construction (foundation, upgrades). He will only do this if I get pre-approved for a VA loan prior to construction and we base our plans off that amount.

He said he has had the best luck with the VA loan that way vs trying to get a VA backed construction loan. He is basically selling me a turn key property. The best part is I own the land and will pay for part of the construction. I guess it is technically a BRRRR, but I am tearing down the current home, building a quadplex, living in one unit, renting two units, and plan to AirBNB the fourth.

I hope this helps someone. I searched for this answer and could not find it. I will update this thread as I go. I should close on the property in two weeks.