My LLC (2 members) has been doing development on lots and small rehabs using traditional banks with construction loans. We would like to take our biz to the next level, and get into $1M-$2M condo conversions. These are typically existing small apartment buildings (< 10 units), or warehouses, etc. For these size projects, however, cash flow will be an issue.
What is out there as far as LTV on these commercial loans, and do they offer construction type financing? We have good credit (FICO > 720), and good income from our “regular” employment. What we don’t have is a lot of cash on hand to sink into one deal. We prefer to spread out our cash as much as possible.
I’d appreciate any direction you could provide.
Thanks in advance,
Mark Lepore
Hawk Investment Properties, LLC