All Forum Posts by: Anthony Pagano

Bridge loan makes more sense to pay off the loan and may be easier to get. My problem is if I get the bridge loan then pay off the mortgage, should I go into a Joint venture and split the rest, or should I go for all the hard money myself and just hire a contractor or manager 

2.5 is the current Mortgage buyout, intrest rate is 6.9  

8 million redevelopment Budget 

1.4 million a year in rent roll apts, & commercial

We are currently looking to redevelop our property we have the opportunity to build three store fronts a large restaurant/bar and about 30 apartments. We are currently considering going with a contractor that does everything including marketing and managing the entire project for a 70/30 split. We are also considering getting hard money to pay for the entire project ourselves, using a different contractor that manages the project, but has nothing to do with marketing, renting, or management, then paying back the lender when we refinance. Lastly we were wondering if we should/could borrow the money to pay off our current mortgage, use the managing contractor and pay off the loan when we get paid for the land at the refinance.  

We are getting started trying to redevelop our current property, we have a couple of options. Should we pay off our current mortgage with hard money, then use a partner at 70/30 split to build the project, or should we just use all hard money and finance the whole project ourselves.