How to pay for an 800-square-foot ADU
Most New York homeowners already have the money: it is in the equity built up in their home. We compare the four usual routes and tell you which one fits your profile.
HELOC
A revolving line against your home equity. You pay interest only on what you draw: a good fit for construction milestone payments.
Home equity loan
A single lump sum at a fixed rate. A predictable payment for the whole term.
Cash-out refi
You refinance the mortgage for more than you owe and take out the difference. Worth it if your current rate is high.
Construction loan
Built for construction: it disburses against progress certifications and converts to a mortgage when you finish.
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None of this affects your score: it is a simulation using the criteria each lender publishes.
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We compare HELOCs, home equity loans, cash-out refinancing and construction loans, and tell you how much you could get with each one.
Lenders in the network
Empire Home Equity
Specialist in home equity lines of credit for homeowners in the five boroughs.
- Flexible Equity HELOCHELOC · score 680+ · up to 85% CLTV7.49%up to $400K
- Fixed-Rate Home Equity LoanHome equity loan · score 700+ · up to 85% CLTV8.25%up to $350K
Hudson Construction Capital
Construction loans with disbursement against progress certifications and conversion to a mortgage on completion.
- ADU Construction LoanConstruction · score 700+ · up to 80% CLTV8.95%up to $600K
Borough Federal Credit Union
Local credit union with preferential rates for members and a quick process.
- HELOC SociosHELOC · score 660+ · up to 85% CLTV6.99%up to $250K
- Cash-Out RefinanceCash-out refi · score 680+ · up to 80% CLTV6.65%up to $1M
Liberty Renovation Finance
Renovation financing that counts the property’s value after the work.
- Renovation with Post-Construction ValueRenovation · score 640+ · up to 95% CLTV9.25%up to $500K