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Hi,
I was hoping someone can help. I am bidding on a 3 family 4 floor unit but plan to occupy the triplex and rent the garden apartment. The property is solid but needs a $200k renovation – new 2 kitchens, 3-4 bathrooms, new wiring, flooring. How should we pursue the mortgage?
Here is are the stats: -
- looking to close on the property at $1.1M

- want to place 25% down payment ($275k) which will leave a mortgage of $825k.

I already have a commitment from my credit union for $950k+

Question is how should I go about financing the renovation? Do I have to take a $1.15M mortgage – would I need to put more money down?

Thanks!