Refi plus Construction Loan

[Jon K.]

I am seeking the help of seasoned commercial funding professionals. I just acquired a vacant 9-unit apartment building in Jersey City, NJ. I plan to renovate it and convert it into a 9 two-bedroom/2bath condominiums at approximately 1,000 sq.ft. per unit. Property is located in the Jersey City Heights section of Jersey City. 20 minutes from NYC.

I would like to refinance and take out a construction loan. I bought it for $680K and estimated construction costs is about $700K. Once renovated and converted, I would look to sell each condo for an average of $330K each for a total of $2,970,000.00

We are seeking $1.5 million which includes the construction loan. We would also consider a Private lender and will pay 12%, 1 year term, interest only payments.

Thank you,
Jon