“Construction Loans for Multifamily Homes”

  “Construction Loans for Multifamily Homes”

 

 

Joe,

Hi! I found your information from blogs online while researching "duplex construction loans" which has been a complete hassle for someone such as myself who intends to reside in one of the units. I must have talked to over 30 financial institutions at this point but figured I'd see what your knowledge is.  

Those that I have found that do provide construction loans only do so for single family homes. Those that allow the purchase of a duplex requires the duplex to already be built so none of these rules work for me. I have found hard money lenders but they require upwards of 30% down which is not doable for me. Thanks much in advance for any info you can share.

 

I am asked this question so many times. YES, I can do construction loans for multifamily homes. There continues to be a trend in this country for folks that want to live in one unit and have family living in the other units or rent them out for additional income.

The interesting thing is my greatest resource of referrals for these clients that want to build a multifamily are the banks and credit unions, as the greatest majority just don’t do them.

I can do these loans in CT, MA, RI, ME, VT, NH, NY and FL.

“Who else do you know that needs my help?”

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • February 14 2019 02:57PM

Comments

Construction loans for multifamilies are totally different and cannot normally be handled by lender that only do single family homes.

Those who provide construction loans only do so for single family homes. Those that allow the purchase of a duplex requires the duplex to already be built so none of these rules work for me. I have found hard money lenders but they require upwards of 30% down.

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 9 months ago

Good morning, Joe Petrowsky we're seeing more owner occupied multifamily homes.... it's a sign of the times!

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 9 months ago

Good morning Joe. Many years ago I represented a builder building six-unit apartment buildings. Only got the listing because I had a source for the construction loans. And, correct that most lenders have no clue! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 9 months ago

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