I have the opportunity to do a joint venture turning a historic building into 10 condos with a lower level bar / coffee shop. Price of the building is 130k, construction estimated at 1 million. The ARV of each unit 200k, for a total of 2.2 million (not including cash flow from concessions). Here’s what really makes the deal attractive. There is a 45% construction credit (historic building credit) 9 months after completion (450k credit).
The amount needed to make this work is 1.1 million (building and construction). Will this fall under any hard money lender’s requirements? We are looking to put no money down…and roll payments into the loan. Thanks.