construction loan for commercial property?
BP,
My wife and I purchased our residence using a construction loan. Property was appraised, loan was made, closed on the property, funds were available for the repairs we wanted to make. Theses funds were based on the anticipation of the value of the property after the rehab was complete. Once all construction/repairs were done, there was a second appraisal. During the rehab we paid interest only and it was for 6 months.
Is this type of loan available for commercial properties? Specifically a 12 unit apartment building that is completely vacant and in need of an 85% rehab?
Any options?
Thanks for any advice.
Graham