Need Financing for commercial rehab
Hi all,

New to the subreddit and commercial game. I recently acquired a commercial space locally in North Carolina. This is a main street type property that will be suitable for retail, entertainment, office space...whatever. It is currently vacant, but I own it outright with no note. Its a 4000 sqft property that will need rehabbing before attaining a tenant.  What financing options do I have to cover the rehab for this vacant property? This should be a &gt;$200k rehab. 

Thanks
[{"id": "fuy22h7", "text": "DM me.", "replies": [], "depth": 1}, {"id": "fuy2c0k", "text": "What did you buy it for? when did you buy it?  What is it worth now? What will it be worth when you have it done?  How much will it be rented for? What are the taxes and insurance? How is your credit? Do you have any experience rehabbing stuff?", "replies": [{"id": "fuy676w", "text": "These are the right questions.\n\nI would put together a request for financing proposal package that addresses those questions and shows what the project will look like when you're done and what the economics will look like (prospective stabilized income and value). You'll need to provide support details like rents for comparable properties to support your proforma assumptions.\n\nYour package should also discuss how you plan to renovate and stabilize the project. You should show a detailed project budget, including financing costs, broken out over a project schedule.\n\nYou will want to include a biography/sponsor profile showing that ownership has the know-how to complete the plan. You'll do the same for the general contractor that will be doing the actual construction and provide examples of comparable completed projects.\n\nThis is just a brief list. You can consult with a commercial mortgage broker (like me) or someone else to help you put together the package. Most will want a fee that is equal to a % of the final loan commitment. Construction and bridge loans are more work and command a premium over permanent commercial mortgages. In addition, this is likely a smaller loan, which means the % of the commitment will need to be higher to compensate the broker for his/her time. Alternatively, you can work out a consultant type approach where the broker works on a job basis or by the hour.\n\nOnce you have a comprehensive request package, you will need to identify lenders that consider projects like yours and provide them your package. They will review, ask questions, then provide a term sheet or Letter of Intent (LOI) that will spell out the terms under which they'd consider offering you a loan.\n\nLet me know if you have more questions.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fuyb9zc", "text": "What is its value? What city is it in? Is it worth more than 200k?", "replies": [], "depth": 1}, {"id": "fuyjgby", "text": "Hi, you can DM me if interested in commissioning someone to create a financing package for you. Happy to show you a sample package or talk through my experience.", "replies": [], "depth": 1}, {"id": "fuyu4q6", "text": "Check out a bridge lender called Lima One Capital", "replies": [], "depth": 1}, {"id": "fuz3uvj", "text": "Im a salesperson for a top 5 lender. Have all kinds of solutions. DM me", "replies": [], "depth": 1}, {"id": "fuz7iqi", "text": "There is private money and hard money at www.c-loans.com but be forewarned that it's an online meeting place for legitimate lenders and for scammers so perform thorough due diligence on anyone who tries to connect with you there.", "replies": [], "depth": 1}, {"id": "fuzecnq", "text": "you should try local hard money lenders who know the area. They will want to know what you could get for rents when completed. It may be much harder to find a new tenant at this time due to the Covid pandemic. You should get help from a commercial real estate agent and ask about time to fund a tenant and market conditions for leases. If its a rural city in buttnosefuckwhere, it may tough to find hard money on it too.", "replies": [], "depth": 1}, {"id": "fv6kwkq", "text": "This sounds like a bridge loan with a permanent loan option or a mini-permanent loan with an interest only period. DM me if you have ?s", "replies": [], "depth": 1}]