PHX Commercial Lender Needed -- Any Leads?

[Craig Rismiller]

We are getting ready to start a new adventure in Phoenix by building a 7-unit apartment / condo complex. Here are the specs: • Total costs (construction, land, soft costs, etc.): $850k • Cash to put into the deal: $450k • Units: 7 units @ 1600 sq. ft. each • Rent per unit: $1200 Our current plans are to build as a 7-unit apartment complex but build to code to allow for an easy condo conversion as the most likely exit strategy 3 to 5 years down the road. Though our area of Phoenix is transitional (60614), it is quickly gentrifying. A larger builder just sold out a condo community less than 2 miles away (better area) and the units that we visited were only 1100 sq. ft and were selling for $280k (our all-in costs will be ~$120/door)! We have a local bank that is willing to finance 70% LTV on the back-end, but they are not doing any construction loans at all right now. Does anyone have any leads for a local or regional bank that is doing smaller balance construction loans that potentially convert to term?