Build It Right with Flexible Construction Financing
Ground-up construction and major renovation financing for 1–100 unit multifamily projects in Oregon and California. New construction, mixed-use, and one-time close available.
$1M – $25M
Loan Range
1 – 100
Units
Construction · Perm
Loan Type
One-Time Close · Mixed-Use
Structures
Overview
From Shovel to Certificate of Occupancy
Multifamily construction financing is one of the most complex loan types available — and one that requires lenders with real experience in construction draws, budget oversight, and permanent loan conversion. Lumen Mortgage offers ground-up construction loans for 1–100 unit projects and major renovations with a clear path to permanent financing.
We offer both standalone construction loans (refinanced to permanent at completion) and one-time close construction-to-permanent programs where the rate and terms are set upfront. Mixed-use projects with ground-floor retail are also considered on a case-by-case basis.
Who This Is For
Key Features
What Makes This Program Work
Ground-Up Construction
Finance land, site prep, and vertical construction with a fully structured draw schedule tied to milestones and inspections.
1–100 Units
Scalable from small ADU projects and townhomes all the way to mid-size apartment communities of 100 units.
One-Time Close
Lock your permanent rate at origination — no need to refinance at completion. One set of closing costs, one appraisal, seamless conversion.
Mixed-Use Eligible
Projects with ground-floor retail or commercial space are considered. Residential units must represent the majority of income and square footage.
Interest-Only During Build
Pay interest only on drawn funds during the construction period — your payment grows as draws are made, not all at once from day one.
Clear Path to Permanent
Whether one-time close or standalone construction, we plan your permanent financing exit from day one to avoid surprises at completion.
The Process
How It Works
Feasibility Review
Share your site, unit count, construction budget, and development timeline. We'll assess financing feasibility and issue a preliminary term sheet within 48 hours.
Application & Plans
Submit full plans, permit status, GC contracts, and a detailed budget. We engage an appraiser for an 'as-complete' appraisal and a construction consultant for budget review.
Construction Period
Funds are disbursed in draws as construction milestones are completed. Draws require inspector sign-off; interest accrues only on disbursed amounts.
Completion & Conversion
At certificate of occupancy, the loan converts to permanent financing (one-time close) or is refinanced with a take-out loan. Lease-up bridge options available if needed.
Requirements
General Qualifications
Ready to See If You Qualify?
Every deal is unique. Give us a call or submit a quote request and we'll review your scenario, identify the right program, and walk you through your options — at no cost and with no obligation.
Licensed in Oregon & California · NMLS #1498678
FAQ
Common Questions
From the Blog
Further Reading
MultifamilyValue-Add & Rehab Loans for Multifamily Apartments: The Complete Financing Guide for Investors
Buying a tired apartment building, forcing appreciation through strategic renovations, and refinancing at a higher value is one of the most proven wealth-building strategies in real estate — but the financing is more complex than a standard rental loan. Here's how value-add multifamily deals actually get funded.
InvestmentSpec Construction Loans in Oregon & California: Strategy, Qualification, and the Profit Calculus in 2026
Building on speculation is one of the highest-leverage plays in residential real estate — and one of the most misunderstood. Here is a ground-level look at how spec construction loans work, what lenders actually underwrite, and why the Oregon and California markets still reward disciplined builders.
Bridge LoansBridge Loans: Buy Your Next Home Before Selling Your Current One
In a competitive market, waiting to sell before you buy can cost you the home you want. A bridge loan lets you make a non-contingent offer using your existing equity — here's how it works.
What Our Clients Say
Five-Star Reviews from Real Borrowers
All reviews verified on Google
Ready to Finance Your Next Deal?
Our multifamily specialists respond within 1 business day with a custom term sheet tailored to your property and investment strategy.