We are seeking a construction loan for a condo building, with a total build cost of $5.2 million and an improved value of $7.9 million.The proposed construction involves constructing a 65,067 square foot residential condominium building in 2025, comprising 36 individual units.

Transparency, regular communication, and clear milestones have been critical to making this successful.For those of you who are considering working with private lenders or want to improve your deal structure, I hope this gives you some food for thought.

Say my original loan was $500K, my cost basis with improvements is $1M and I cash out refinance with a $1M loan (can I include the interest of the new loan into cost basis since it’s reimbursing me my cost basis)?

Multiple people had some bad things to say about the area, but when I moved and realized that it was a low income area with a lot of homeowners, I was motivated to improve the property to match the effort my neighbors have put in. 

The local economy is anchored by institutions such as the University of New Mexico (UNM), Sandia National Laboratories, and Kirtland Air Force Base.

As of now, I'm still up in the air...no major results to justify an overwhelming positive review yet. lol 

Maybe an outside the box idea would be to try to force some equity by making some improvements in the house you live in.

Also, check out if there’s any new development or improvements happening nearby, as that can boost property values.

I feel like my "circle of people" really needs an expansion and improvement and I want someone with more experience in the field I want to be in to really help me gain myself to success!

A lot of times it is pulling value from thin air.