Bank financing for apartment building repairs

[Brooke Boyd]

I purchased a historic 5 unit apartment building in Birmingham, AL and I am getting ready to start the work. I think my regular loan guy quoted me 20% down and 18% interest rate to get funds for rehab a while back. I am wanting to borrow $100k. There is no mortgage on the property. I hope to receive the historic Federal and State tax credits. I could sell my house to get the funds but the value on my house continues to grow (located in the up and coming Avondale hotspot) so I would hate to cut off that asset at this time. I want my home value to continue to increase. Does anyone have referrals or solutions on how to get money for an apartment rehab. The 18% interest seems ridiculous.