Multi-Family Property & Major Rehab - New Investor

[Jared W Smith]

Hello all, 

New here and wrapping my head around the logistics within a buy-and-hold strategy on a rehab multi-family property. I am in NY, not NYC- Westchester & Rockland Counties. I am looking at a 5-Family property on a .5 acre lot. Probably a "B-" neighborhood. It's about 5,000 SF with 3-2bdrm 1 bath and 2-1bdrm 1 bath units. The area is zoned for apartment, low density (value-add?). This property has been vacant/decrepit since I can remember (at least 15-20 years). The reason the properties and others like this strike an accord with me is I am an architect and utilizing my professional experience and connections, I know I can turn this into a rent ready building fairly easily.  (This one is likely to be a full gut.)

In looking at financing, being classified as commercial due to 5-family, how would you go about financing the construction? I'm inclined to contact a local portfolio lender. I am assuming I will be able to get the property for a very low price. What typically would I have to put down for construction loan? In my research, the loan can be given based on expected rent rates for the area. These rates are dependent on the lender I assume. (75%, 80%?) 

Anyone have portfolio or other lender contacts local to Westchester & Rockland Counties (NY) that they've used?  

Any insight or contacts would be greatly appreciated. Thank you