We own a 4000 sq/ft lot in Brooklyn, NY, where we plan to build a 10-unit multifamily condominium. We have received proposals from several experienced architecture firms and are currently pitching the project to reputable general contractors. The estimated budget for this project is approximately 3 million USD.

We are seeking financing to cover the construction costs. Our plan includes selling some units upon completion to generate immediate revenue. This will enable us to pay down a significant portion of the construction loan. Subsequently, we intend to refinance the remaining loan based on the reduced principal and the revenue-generating potential of the unsold units. The remaining units will be held as rental properties, with the rental income used to service the refinanced loan, ensuring a steady cash flow.

I don't have any experience in NYC's new constructions but I have recruited an experienced team of brokers, GCs, and architects. I have built a single-family home and a church in another state. How can get this project financed? Does anyone know reputable lenders that would offer this kind of loan? I'm looking for any feedback.