I bought an office building that I am converting into an event space with seller financing. I have until the end of the year to refi it out into my name and am currently in the renovation process. Who do you recommend as a good lender and what kind of terms should I be pushing for?
Thanks in advance!
What is the value of the space?
Post rehab, looking at just shy of half a million.@Kade Matthews
For that size you should start talking with local banks as soon as possible. They tend to be relationship oriented, so explain the game plan, timeline, and find out if they're a good fit. Also, don't rely on one lender. You want 2-4 of them interested in financing it.
Are they going to have enough financials in the new use? T3 at minimum? Application in by 10/1? Close by 12/15?
@Aaron Signer T-3 = Trailing 3-month financials...