Line of Equity from empty commercial building, owned free & clear

[Brandt Gentry]

I own a mixed use building in Connecticut, owned free and clear (no mortgage on it). It is currently vacant. I’ve been rehabbing it since early 2017. It’ll take a few more months to have it ready for rent, but need some financing to get the remaining work done on it. Anyone experienced with finding commercial equity lines of credit for a vacant building??

[Will Gaston]

@Brandt Gentry I know this isn't what you want to hear but based on my experience this is going to be tough. You have several things going against you.

1) The property is vacant. Underwriters hate when I bring them a vacant building (or maybe they just hate me!). 

2) You're out of market for smaller, local banks in the CT area. If you were living in CT this would probably be much easier as I could see a local bank working with you on something like this. 

3) The property appears to be semi-complete. Another red flag for a lender.

Perhaps you could get a Hard Money loan from some of the commercial platforms out there. A few questions:

What is the property worth now? 

How much work money do you need to finish?

How much will it be worth upon completion? 

Is it 100% vacant?