I'd much rather cut someone in, then burn a bridge to someone who gives me profitable deals.

I'm a big proponent of "LIVING while you live" AND I also have STRs in PC (over the bridge from PCB) that cash flow for me and are not waterfront at all (but just 6-8 miles from PC Beach). 

Structure it as a bridge for interest only payments for 12 months to 24.

It was a bridge too far. 

Our loan officer is suggesting we get a construction loan vs bridge loan.

Are lenders willing to lend for the improvement of the down unit as a bridge to refinance?

There is higher risk and you'll have to go with a bridge loan but when you refinance you can pull money out of the property just like a traditional BRRRR.

@Aundre Oldacre - you may be able to find a bridge type lender that will allow a bit of cross collateralization but make no mistake, you will have to put some cash skin in the game. 

Looks like the big firm (it's Re/Max, btw) will be a good bridge since they do both.

{Also, we can't do a Bridge loan because we want a LOW MONTHLY PAYMENT just until we sell}