Financing Question Help!
Not sure if i am in the right area for this question, I am usually on the residential side of the site.
My wife owns a mens hair and tanning salon and is having problems with her new landlord. Her lease is up in May and has an option for two more years but does not think she can deal with them that long.
We found a property (its a house) that is zoned commercial that is only a few buildings away. Its zoned general business and would make a great location. We need to probably do about $30k in construction to get it ready to move into. Problem is how would we go about financing a project like this? Ultimately we would like to spend closer to $60K on the construction to add another space for the tanning salon or as lease space.
Price of property is $109K
Construction $ 30k - $60k
Estimated Value after work $180k - $210k
(my numbers are not exact - I wanted to find out if it could be done before investing to much time)
Are there any lenders that would loan on the full amount needed based on the properties value after renovations? I am open to any suggestions even if its a higher interest loan for a couple years.
Thanks in advance
Ron
GR Michigan
I may be able to help with this deal