This property is a mixed use property with three commercial units downstairs and unimproved space upstairs that will be remodeled into twelve residential units. There was substantial work to be done on this property and we were able to secure funds to assist in both the purchase and the construction completion.
The commercial units downstairs needed basic rehab work to clean, replace and upgrade the units for lease. Improvements included new plumbing, new electrical, new drywall, fresh paint both inside and out, new central air and heat, windows, doors, flooring and more. The mix of commercial units include a restaurant, gym and multiple executive offices.
The space upstairs required full construction to add twelve apartments. The existing space did not include existing apartments, so it was more of a construction loan than a rehab loan. The total cost of improvements for this project was $400,000. While there was a lot of work to be done on this project, the borrower had extensive experience and our investors were confident that this project would be successful.
For more information on these types of loans, visit our hard money construction completion loans page. We can help finance many different types of projects in need of work, from cosmetic rehab work to ground up construction. Give us a call for more information!