Can I use equity as collateral?
I have two deeds to two properties in my name and I plan on building a small apartment on my first property. Can I use the equity in my property as collateral for a construction loan? How does this work? I own the land free and clear. I need advice on this matter the soonest thanks by lauren999 from Sacramento, California. Feb 1st 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Maybe... Many construction lenders will allow equity in the property value to be use din exchange for a down payment. Go talk to the local bank nearest the property. I lend for home loans in MN IA ND SD and WI. Find me at MNBestRates.com | Cambria Mortgage, NMLS 274132
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