We have just purchased the a 30,000/ SF single family home that we are converting to high end rentals or Air Bnb village. We have fully purchased the property and are looking for construction capital until we get to refi < 12 months. We have approved zoning to convert to multifamily and the property has been appraised at $1MM over what we purchased at with more bedrooms and bathrooms being added into the units the appraisal will only increase and an 80% cash out refi upon construction completion will secure repayment for the loan request.
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