Programs for Alternative Property Uses
As we move out of COVID and its dramatic impact on our economy there are more innovative new funding programs to counter some of those effects.
Here are just some of new options available that open up traditional properties to alternative uses and new groups of buyers. Will you take advantage of these new alternatives to expand your pools of prospective buyers.
Retail Repurposing Financing
Help clients secure often prime locations at attractive pricing by thinking of what it could be.
Between COVID and the general impact of increasing e-commerce, retail properties may be languishing. Space may be going unoccupied for longer periods of time. To address these issues a key group of lenders have developed a specific program for financing the renovation and repurposing of retail properties.
The program provides flexible funding solutions to convert that strategically located retail property into a distribution centre, or use that suburban land to build a small multi-tenant apartment. The program provides both the initial renovation financing as well as a conventional takeout mortgage post-construction.
Renovation Financing to Address Changes Brought on by COVID
COVID has changed the way a lot of businesses are run. We recognize many properties need to be renovated and repurposed to accommodate these changes. Regardless of the type of building or type of renovations needed, if the resulting rentals support these capital costs this funding program provides owners with flexible options to fund the renovations and the takeout financing to allow for the changes and the reestablishment of long term rental stability.
Multi-Investor Apartment Acquisition Funding
This program brings together the necessary components to allow individuals or small groups of 2 to 8 investor partners, to purchase apartments or multi-family complexes. The financing can provide staged renovation financing to allow your clients to make initial improvements that can bring in higher rents and the resulting higher net operating profits. The program then provides early stage support to ensure your operations are run at top professional levels.
The program is intended to open the door to that large group of residential investors and allows them to make their first steps into commercial properties.