Hard Money?

I am currently looking to purchase a property. (single family residential) to subdivide 1 building lot from the extra large lot that the existing home is on. This would be a minor subdivision and take 3-4 months in this township. I would like to re-sell the existing home on it’s smaller lot and then sell the newly created lot to a builder. The numbers work for a nice profit. Question is… What is the cheapest form of mortgage or loan to acquire and hold this property for 4-6 months while waiting for the subdivision approval and then sell both pieces? Would a typical hard money lender look at the future market value of the exisiting house and subdivided lot in working his lending ratios?

Thanks in advance :wink:

Howdy RickB:

Why buy it. Get an option to buy it for 6 months and then get the subdivision approved and get the lot and house resold and then close on your purchase. You may even have to make payments or something on the option but you would have to make payments anyway if you owned it outright.

Hope this helps and LOL

Thanks for the reply. I would try to do the option deal except that it is listed on the market and being sold as part of an estate. The family will want to get there money and run.

Thanks ,