looking for constructon loan

Several years ago I used a prime-based construction loan which automatically rolled over into an adjustable 14-year interest only mortgage once the house was completed. It is prime, minus 0.25%. Prime has been parked at 3.25% for the past year, so I've been paying 3%. Right now you can theoretically borrow $1,000,000 and pay $2500/month.

I thought it was impossible to get construction loan these days?

I was looking at a place that needed $150-200K of renovation. asked the banker if we could get construction loan for the renovation, and he said it was practically impossible to get any these days.

So essentially, that meant, after putting 30% down as down payment for the apartment in cash, I had to come up with another 20% to put down in cash for renovation. All of a sudden that apartment didn't look so attractive anymore. No wonder no one is bidding on these run down apartments.

Thanks, hejiranyc. I would love to get something around prime.
One of my brokers quoted 5 7/8 but I thought it was on a high side. The structure was a loan that would be rolled into the 30 year fixed mortgage.