Converting an old inn to a, constructions??



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.


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.

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.

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.