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That seems sensible – but you never know how hard or easy it is for individuals to raise extra loans.
One thing I would say, at the risk of sounding biased, you should speak to Paul Morton at Lannock (or one of his people) so that you know exactly what your options are.
I know they were recently involved in lending a large sum to a building so that it could not only refurb but add a couple of units to sell and pay for the refurbishment. It doesn’t have to be all negative.
The main thing is, you won’t be able to make an informed assessment unless you have all the information. The strata loan bogeyman could turn out to be a blessing in disguise and you won’t know until you ask.