Residential Assisted living (Care Home)
I am considering in investing in SFR, and converting to Assisted living for elderly. In theory, would banks consider the renovations and conversion to medical facility such as adding hand rails and additional rooms, as value added to the property?
Would I be able to cash out refinance based on ARV utilizing a residential lender or would it be Commerical (special use)?
Happy to connect with anyone who has done a similar project or lender who can assist with information.
Thank you