@Patricia Steiner we were actually under contract and using a bridge loan.

Consider 80% with some seller concessions to bridge the gap! 

In the next 5 years, we have 2 twin span international bridge projects, a new hospital, and the expansions of the university and college.

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

Hard money isn’t cheap, so bridging that with a seller carry might help you short-term, from what I’ve heared.

While there are indications the spiked supply will be absorbed within the next few years, expect property owners to continue to turn to the HCV program to act as a bridge.

Converting properties to multi-family is considered extensive rehab and those programs are a little more exclusive than the standard bridge loan programs. 

if you believe this is a common outcome I have a bridge to sell you.  

The DSCR loan would allow you to qualify based on the rent you are collecting and get up to 75% of the value (175 x 0.75 = 131.25k, minus 20k payoff and closing costs.You could get a line of credit or a bridge loan against it to borrow money, but it would be higher interest.

If you’re not occupying the property and plan to either sell it or keep it as a rental, you might want to consider a bridge loan through a hard money lender.