Where would be the best place to find an investor for a Commercial lot that could be rented out to cover the payment & is in a great NC location ?
I would do a search on either Yahoo or Google.
Look for: NC Investors, Investment Syndicate and so on. If this brings no results you could also do a search for NC realtors. Allot of the time they have relationships with investors that have purchased properties with them before.
I say investor. I own a piece of commercial land that I can get 5.6 million to put apartments on. However I need 60k cash down. The land will stand for itself. Do you know any hard money lenders ?
Let me try to better understand what your saying so that maybe I can help you find the right place.
You own the land. You are seeking funding for 5.6m for the apts. or is the land already worth 5.6m?
You need 60k down for?
We owe 360k on a piece of land that has a 1600’ modular office unit on it. It appraised for 438k over 2 years ago(just the land-no value for the office) It’s worth 20-30k) It had 3 perc sites on it. Since I have got a letter from the city/county to tie into city water/sewer. The value now is between 600k- 750 k atleast. I have alender that will loan me 5.6 million to put apartments on it. However I need 60k cash to goto closing. I need an investor or hardmoney lender to help me. I will pay them well. The project will take 6-12 months to complete. It is in a great location.
Any advice? I have about 8 people looking at it right now. I will keep shopping until I find someone. The land will stand for itself.
Ok, I understand you more clearly now. Here is an idea that may be cheaper on your pocket book than going with a hard money lender or private investor. Do you have enough equity in your home or any other property that you could do a refi. cash out on to raise the 60k? I would also try a local bank. In my opinion finding an investor for that little bit would be a bad idea. I would imagine the investor will want a substantial amount of the deal for as little as possible. Hard Money loans as you know can also be rather expensive in the end.
I do not deal directly with any particular hard money lenders anymore. I have heard of other colleagues in the biz mention Avatar on a few of their deals. I have a borrower that uses them also. He has never giving me any indications that they are not a worthy company. I have never used them so I can not give you any pros or cons about them. I do not have a contact there either. I did a yahoo search on them and found this: http://www.avatarfinancial.com/hard-money-lenders.html
I don’t know if you can go directly to them or not or if you would need a broker, but you may want to get in contact with them. If they can’t help you they may be able to steer you in the right direction.
I also found this article on hard money at bankrate.com http://www.bankrate.com/brm/news/mtg/20000831.asp
It tells you a little more about hard money loans. Very interesting to read I thought.
Hope this can be of some help to you.
I thought about the re-fi but not enough equity to get the amount needed.
A private investor would be great. I know the fees for hard money or investor will be higher but my main concern it to start the developement.
I will check the links above. Thanks for your help. Keep me in my if you come across anything that may help.
Thanks again
No problem. Good Luck!
Hello, Have you found your HML for your project yet?
Robert,
Have you tried Doug Frye in the Hickory area Carteret office? If he is not interested personally, then he should be able to direct you to several investors that would be.
Roger
If you hold the land already why not have it in a corporation???
If you place in a corporation and it carries itself you coudl then show an income from land. You could also show valuation to the shares of the corporation thus allowing for a private placement to sell 5% of the corporation of say 10,000 shares at 6.00 each. This raises the capital, keeps you private and allows you to increase the share value which you deem as buyback upon demand at say 12.00 within first 12 months thus returning your 5% of the company and accomplishing the project on OPM???
Private placement companies will do the marketing to private investors in their networks for about 1500. costing next to nothing to raise and close your deal.
Just thinking out of the box here.