Running out of options to fund our multi unit property
I just applied for a new construction loan with a local bank but they said that they don’t offer 10% construction loans for multi-unit or duplexes. We are building a duplex as our primary home and we’re running out of options to fund our project. What are my options? by cliffbescoto520 from El Segundo, California. Jul 19th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The 'standard', if you want to call it that, is 20% down for new construction. Shopping around, if you have great credit, etc., you might be able to find 15% down. But 10% down? That is going to be super tough. I offer new construction up to 4-units. Learn more at https://joemetzler.com/commercial-loans/ I lend for properties in MN, Wi, IA, ND, SD. Cambria Mortgage, NMLS 274132
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