From my past experience, there weren't always the most friendliest, humble, soft-spoken of people at that one.

However, with all the news about islands sinking in the Chesapeake Bay, like Tangier and Smith, it may be a better solution to see if you can possibly do a cash-out refinance on the property to get the funds you need as sales market might be very soft unless you're outside the area that there's so much news about. 

So a lot of homes will have soft spots.

@Ryan Alexander a little low on soft costs, I use 8% vacancy, 5% repairs and 10% capex.

However, that is a joke and it will get made permanent. 10 years and 5% + CPI was just a soft way of introducing it.

Unfortunately they are just soft liners.

I use both as a RE investor between commercial and residential as both can be used on 1-4 unit properties (non owner/investment occupancy).The pro's of commercial/portfolio financing from local credit unions and community banks are that you can:- talk to a local banker/lender who is interested in building a relationship with you over time and is flexible to make a loan as long as its financially prudent and you show a track record- ability to build a track record with- less documentation scrutiny than a fannie/freddie conventional loan which is more ridged because it needs to be sold to the secondary market so all boxes must be checked to do so (otherwise the loan is unsellable or undeliverable)- is cashflow based via debt coverage ratio or DCR method of qualification (Net operating income / debt service) - can fund to LLC's, entities, and businesses with personal guarantee (PG) usually- can do unique loans like cross collateral or blanket notes across an entire portfolio, can do rehab/construction + permanent financing into one (one time close products), can do soft liens and releasable upon progress on your projects so you can leverage equity with temporarily encumbrances, unique disbursements on credit facilities,etc Hope that helped compare the cash out options.

Add the city fees on top of all that and the soft costs and things can add up fast.   

Just the delay and soft casts with building seem a lot.

@Iva Kadagidze Think about also investing in your "soft" skills like communication and negotiation.