Ok- I have to find a loan for 10 acres plotted for 30 lots and 30 duplexes. 16 are presold with 55k in earnest collected. Each Duplex is sold @180k will appraise for 190k They will cost 110k to build 30k for each lot. How do I get a loan for this without using any of my own cash? The land and entitlements are 300k construction costs and HM interest all rolled into loan puts loan at 4mil and value once completes 5.7 mil
What should I do I needed this yesterday.
Lenders will always want a bit into the deal on such a large loan, if the lender has to use all there own money to fund your deal why wouldn’t they go in and just do the deal themselves ya know. There are a few lenders that will require as little as 10% down on the land purchase and cover all development and construction costs with decent credit and income.
That is good units are presold. Do you have 15% -25% of liquidity of the build out cost?
No that is my problem