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Author Topic: Converting an old inn to a condo...finance, constructions??  (Read 2349 times)

Offline zoey

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Hi!

Hi!

We have identified a building that used to be an assisted living facility and we would like to purchase it, remodel it as condos and sell it off.

Here are the details:

Purchase would be about $3mil
Buildout would be about $1mil

We would be building 4 condos and 4 apartments.

The condos should sell over $2mil each.

We will be doing this under an LLC and prefer to put as little down as possible (0% if that is exceptable).  

Does anyone have ideas on types financing and keeping the monthly payments low?

Also, any suggestions tips or life experiences on a project like this would be greatly appreciated.  We haven't found a builder or anything yet so any advice is welcome.

Z

Offline Arie

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Re:Converting an old inn to a condo...finance, constructions??
« Reply #1 on: July 21, 2005, 03:28:50 am »
Have you asked the Seller if they'll take back a note?

If they can take back a small second it would make it easier to get financed.  You could set up a balloon a few years down the road and if they want interest... let it accrue.

Offline Cleopatra

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Re:Converting an old inn to a condo...finance, constructions??
« Reply #2 on: August 19, 2005, 09:57:52 am »
I can tell you in order to get your financing you will need your developers plan, resume, and cost breakdown before you can even submit to get a loan.  Usually with any type of construction loan you can get interest only payments until construction is complete.
« Last Edit: August 19, 2005, 12:30:00 pm by TRandle »

Offline Chris2006

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Re:Converting an old inn to a condo...finance, constructions??
« Reply #3 on: August 19, 2005, 01:23:35 pm »
Hello, I always advise to go traditional first. Use a HML as a last resort. In your case, a HML may be more creative with the financing.
Chris

 




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