New York construction equity line of credit or construction loan

2 Replies

I have a client who I'm developing a project in Brooklyn, NY. who will need a construction loan.

and would like to provide them with a solution

they sit in a commercial property valued in a couple of millions, (need to get the exact number but its above $2.000.000) We will build on top of it three apartments for approximately one million.

I will appreciate any leads or help

Your client is looking for mixed use financing? A conventional lender would probably loan on it if there is a decent LTV and some current income. It's actually a safer bet than a brand new mixed use project, so I'm not sure why they are having any trouble finding a lender. Can you provide some more details so I can try to help?

hi @Jessica Zolotorofe they own a bodega in a prime corner or Williamsburg Brooklyn, that has been working for 20 years and we will add 2 or 3 apartments on top for what they will need a loan or around $1,000,000

They are not having trouble finding a lender, I don't think they have even try yet, but they expressed concern about it. 

I just wanted to present them with a project beyond the technical architecture design, including final LTV, cash flow of different configurations and financing.

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