Refi Lender - 11 Office unit conversion to 12 apartment

[Jose Ponce]

I have already purchased the property and im in the final stages of city approval for the conversion. Need a lender that will cash out refi only for the original purchase price not ARV

[Michael David]

Hey @Jose Ponce have you checked out the Hard Money Lending Directory for California? Several of the lenders there have cash out refi products. If you want an introduction to any of them feel free to set up a time on my calendar and I'll see how I can help!

[Jose Ponce]

Quote from @Michael David:

Hey @Jose Ponce have you checked out the Hard Money Lending Directory for California? Several of the lenders there have cash out refi products. If you want an introduction to any of them feel free to set up a time on my calendar and I'll see how I can help!

 I have talked to a few of mu current Hard Money lenders , they all seem to want to the property already converted to apartment in order to consider lending on it . Im still a few months out for that to happen. 

[Alex Bekeza]

@Jose Ponce Ultimately, anyone who will offer solid long term financing on it will need it to be in it's converted, permanent, legally conforming state.  However, I'd imagine a private money lender who understands the exit strategy might be willing to lend short term money on this.  We've done 100% CLTC (combined loan to cost) like this with our own funds before when the deal was completely unbankable but we had a relationship with the client and understood that we could broker the perm debt easily once the property was ready for it. 

[Jose Ponce]

Quote from @Alex Bekeza:

@Jose Ponce Ultimately, anyone who will offer solid long term financing on it will need it to be in it's converted, permanent, legally conforming state.  However, I'd imagine a private money lender who understands the exit strategy might be willing to lend short term money on this.  We've done 100% CLTC (combined loan to cost) like this with our own funds before when the deal was completely unbankable but we had a relationship with the client and understood that we could broker the perm debt easily once the property was ready for it. 

Give me a call Monday we can go over some scenarios on both of my situations. Thanks Alex