Hey BP Community,
I'm looking at a project in upstate New York that will end up being a small (12 villa) hotel project with a main house with bar/restaurant and a pool. The property needs a full rehabilitation and every piece needs a gut renovation. I am up to now only a multifamily investor and was wondering if you had any suggestions as to how to finance such a project? Do these properties typically look to private investment? Commercial loans? Commercial loans? I'm a bit green in this area but it's a great deal and has opportunity to cash flow very well if done properly; I just need to figure out the financing aspect.
There are rehab lenders who will do this. You need to bring experience and liquidity to make it happen. If you don't have that you will need to partner with someone who does.