Need suggestions on what to do!!!!!!!

I have a 5 unit with a commercial space in NYC. My problem is that I only have 2 tennants can’t get any financing (have a 250,000 mortgage) to repair building. Went to NYC HPD they turned me down for an article 8a loan. I am stuck between a rock a hard place. This building can create a cash flow because of its proximity to subway and Manhattan. Thank you in advance for advice


You don't say how much your repairs will cost however in order to get conventional commercial construction financing with permenant financing placement when finaled, your current mortgage plus repairs / remodel cost's can not exceed 75% ARV. This will pretty much be the same average ratio for hard money or private money!

Being a commercial property you might get an investor to become partners and put up your repair cost’s provided your numbers work and repairs do not exceed current ARV.

The reason you can not refinance is you lack tenants and any vacancies exceeding your markets average vacancy factor make this property unable to carry and pay for it’s own cost’s! A distressed property by lending standards!