You have not stated if the property is for residence or mixed use with residence. If it is, then the following applies.
Special construction and substantial rehabilitation loan program up to 90% of total costs are available via FHA (HUD).
HUD FHA apartment loans are a great financing option for borrowers looking for maximum leverage and longer fixed rates and terms. FHA insured mortgages are non-recourse with no market - economic or population - restrictions.
The HUD FHA 223(f) is a market rate apartment program. There are no tenant income restrictions or requirements, unless otherwise required by a project based HAP contract or individual tenant based voucher program.
Must contain five or more residential units and consist of complete living facilities including provisions for eating, cooking and sanitation.
Properties with fewer than five residential units will be considered if the aggregate of units exceeds five and all properties are contiguous.
Commercial area is permissible, but cannot exceed 20% of the net rental area, or 25% of the gross revenues.
Both market rate and affordability properties are eligible.
Student housing properties that offer rents per room, not per unit, are ineligibe.
30 day minimum lease term required.
Three years must have elapsed since construction or substantial rehabilitation. For properties with fewer than three years stabilization, a waiver may be granted to refinance debt only, no owner equity take out allowed.
The loan may include repair costs not to exceed 15% of its value after repairs or no more than $6,500 per unit (except in high cost areas) - whichever is greatest. Repairs may not include replacing more than one major building system such as plumbing or electric.