Financing For Commercial Proprety Rehabs
Some assistance from those in the know would be appreciated.
I am looking at a property that has some vacant commercial space and residential units. I can purchase it at a price that sees positive cash flow on the residential units alone.
If I want to convert the commercial space into more apartments, and can show a solid return, what are my chances of getting a second position loan (first is at 80% LTV) for the construction? Or would I need to refinance the entire property?
Any ideas or advice would be much appreciated.[ Edited by Marcher on Date 12/25/2003 ]
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