Question about HML for commercial renovation
Hello, everyone
I'm interested in any experiences you've had with a hard money loan to complete construction on an existing property. One of my partners owns a successful entertainment business next to Camden Yards in downtown Baltimore and is interested in securing a $140,000 loan to complete renovations on the second and third floor of the property. The property has one mortgage for about 10% of its value and my partner. That money was used to successfully rehab the main floor and retrofit the entire building with steel beams to increase space and sight lines.
Would a HM lender be interested in funding this project so that it is completed ASAP?
Any advice/experiences are appreciated.
Cheers!