SRO Conversion Loan / LoC

[Graham Lawlor]

I am interested in financing renovations of an SRO building.

I am under contract to buy a building which is currently registered as an SRO. It is currently vacant and will be delivered with the Certificate of Non-Harassment (and the sale is contingent upon this).

I would like to do major renovations and eventually apply for a new 3-family C of O, rent out some units, and refinance. I am paying cash for the building and would like to get a line of credit, secured by the building, to do the renovations. I’m told it’s difficult to lend against any building without an existing C of O (even if it has the CNH).

Does anyone know lenders who are open to this sort of financing?