I have a client that is looking for construction loan to construct a duplex of one bedroom and bath. Existing NOO property in South Carolina value $700K with one mortgage $350K. Estimated value after completion of duplex $1M. Client is asking $300K and willing to use $30K of own money toward construction. Client and Spouse have excellent credit, but does not have any cross collateral.
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80% Investor on duplex purchase and renovate maxed out at $417,000...would that work?