Condo Conversion Question

[Wendell Butler]

Hello!

I am considering purchasing a 5 unit property and then converting them all into condos, then selling them, sort of like a flip. My question is, when I am looking for a lender to fund the initial purchase, what type of loan can I get that I can have during this process? Can I do a normal commercial loan for this? Do I have to tell them my plans to convert to a condo? Should I look at other options such as private money? 

If anyone has experience with this let me know. I wouldn't want a loan called on me as I am in the process and trying to sell the condos, but I would like to get the best rates in the meantime during the process of course!

Thank you in advance!

[Kathleen Holladay]

I actually know of a commercial investor that might be willing to take this one on.  They have 9-24 month terms as well.  Send me a message with some numbers & address.  I'll ask around.