Idea here:
I am trying to qualify for a purchase- I have no skin-
The project is a 30 duplex subdivision fully entitled ready for site work. 16 ARE PRE-SOLD @ 180k. If I did this project I would profit 45k on each duplex that is sold producing 740k. Because these are sold and I need equity to put in the deal… wht couldn’t I have a private investor issue me a letter of credit for 500k (no money is changing hands) I can show the bank I have a line of credit and no risk is being made on the issuer but I will pay interest on the note. Creating a win win? Will this work and can anyone help me do this?
Please email me if you can help in anyway!!!