Expert: Brian Bocchieri - 8/1/2008

Question
Hi Brian,

I have a commercial loan request to finance the construction of an owner occupied building.  The parcel currently has a building on it and excess land.  The owner of the building would like to construct a second building on the excess land of the same parcel.  Since the existing building is with another bank, I would need to refinance it and do the construction loan.  But the owner wants one loan wrapped up at the end of the construction phase for both buildings.  Is this possible? Should I just do a one year term on the refi and hope construction ends at the same time and then do a perm? Very confused. Hope this makes sense, thanks!

Tony

Answer
Sorry for the delay I was out of touch for a while.  

What type of property is it?  What type of business does the owner have in the existing building?  What type of building does he want to build?  

Depending on the type of building you may be able to do a single loan need more info.

I look forward to hearing from you

Wishing you all the best

Brian Bocchieri