Duplex Construction Success: How We Helped Maya Secure Her Dream Project

For many individuals, building a duplex can be an exciting yet daunting experience. This was the case for Maya, who was eager to create both a home and an investment property.

Here’s how we guided her through the process of obtaining a construction loan for her duplex project.

The Challenge

Maya had saved diligently but faced several challenges in bringing her duplex dream to life:

• Limited understanding of construction loans and their differences from traditional mortgages
• Difficulty in selecting the right lender and loan product for her needs
• Concerns about managing the construction timeline and budget
• Uncertainty about how to ensure smooth progress payments during construction

With existing equity and additional savings set aside, Maya approached us for assistance in navigating the complex world of construction loans.

Our Approach

After an extensive consultation with Maya, we developed a tailored strategy to address her unique situation:

1. Financial Assessment: We conducted a thorough review of Maya’s finances, including income, expenses, existing assets, and borrowing capacity.
2. Loan Options: We explored various construction loan products suitable for complex projects like hers.
3. Documentation Preparation: We assisted Maya in gathering the necessary documents required by lenders.

The Process

Loan Application and Approval

We helped Maya prepare a strong loan application by highlighting:

• Her stable employment history
• Existing equity position

We then assisted her in applying for a construction loan with lenders offering competitive terms suitable for complex projects like hers. The application process involved:

1. Pre-approval to establish borrowing capacity
2. Submission of detailed plans
3. Review of relevant financial documents
4. Final approval & issuance of formal Letter of Offer

Understanding Progress Payments

Once approved, we ensured Maya understood how funds would be released during each stage:

• Explained typical stages: site preparation through completion
• Clarified fund release at each stage based on lender inspections

The Outcome 

Thanks to our support and expertise – key achievements included securing financing that covered both land costs & build expenses.

Understanding progress payments ensured smooth management throughout. Maya’s new home is scheduled for completion mid–2026; she’s excited about moving into one side while planning uses for the other side. 

This case highlights that with proper guidance, individuals can navigate complexities like these projects require. If you’re considering such ventures reach out!