If there is a single owner it is much easier for the bank to deal with than a partnership or corporation, although this varies from bank to bank. Ask questions of your local banks regarding what they want. You can often find somebody who will give you advise on what the banks want. Once the bank has tentatively accepted your project they will do an appraisal of the project to determine how much money to loan. The difference between what the bank appraises units for and what they really cost has to be made up by the owner in terms of downpayment.
Low appraisals can cause big problems, especially because they often come very late in the process.
If an appraisal comes in unreasonably low, ask for a reappraisal. Be sure common elements are fairly evaluated in the appraisal. Screening members for financing As the plans for the project are developed, the estimates for the costs begin to take shape. This is the place where many groups find people drop out. The group needs to evaluate its individual and collective ability to qualify for bank loans.