Mixed Use property Acquisition & Construction Financing

[Shantanu R.]

Looking to acquire a mixed use property in Morris County NJ - this is will be demo & reconstruct property so once the property is acquired we will be applying for variance / permits etc. with the town that may take ~12-18months to get approved. The property currently has a month to month tenant; we want to continue with until we secure the construction approvals. Any advice on financing options here ? 

Current State : 25X100 Lot [1 Commercial Unit ]

Future State  :  2  Commercial Units with 3 residential 

If we acquire the property on a commercial loan & demolish the building  - The bank can/will call on the loan . We will have to secure construction financing later. Should we get bridge financing off the back ? [ but this will be expensive] . Please suggest any lenders who can help with such project here in Central New Jersey. 

Experience : Have done  2 residential construction projects but this will be our first foray into mixed use/Commercial.

Thanks

Shane