Loan needed to revamp a commercial building / apartments

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This is likely a stupid question, but I’ve never done it before. I have a commercial building in a downtown area. I want to remodel it and add two apartments in usable space inside, as well as remodel an apartment I already have to use as an Air bnb (since another apartment in this building is doing so well as one).

I have a very good credit score, as well as considerable equity in the building as well as another house I own free and clear. The building is on a strange loan though- it was bought as a package deal with another house, so I'm not sure how that's figured out.

Where do I start?

First step would be to discuss with existing lender to see if they have a solution. If not, you need to confirm whether or not they will allow a 2nd lien. Some lenders will, some won't. From here, you can decide which way to go. Maybe a new lender who takes out the first and provides the necessary rehab funds, or maybe a 2nd lien lender or equity provider who will come in behind the existing first.

How long have you owned it? Ask the lender for a release and get a payoff number from them. At that point you need to make sure you're below 70% LTV for refi or cashout refi for new lender.

Make sure new lender is okay with short term rents or willing to fund now based on potential rent.