Cap-Rate Qualifying Loans

[Matthew Spiers]

Hi everyone, I've posted on here a few times trying to find the right lending product and lender but haven't had much luck over the last few months. I'm about 6-8 weeks away from finishing up a 4-unit construction project in Cape Coral, FL. I'm looking to rent it out and rents in the area are $2,400-2,500/mo for a 3-bed/2-bath property like mine, especially on a waterway channel.

The prior valuations have been $1.25 million in total but I've found from one lender that a valuation on a 6% cap rate may be the best way to give me the money I need to finish the project. I'd ideally like something that'd be an interest-only construction-to-perm type of loan for a small multifamily like mine, with the cap-rate helping reach the proper ARV %'s that most lenders need. At a 6% cap-rate my property's worth approximately $1.9 million instead.

Does anyone know of any options like this out there?