this hotel has a golf course and about 250 acres for future development for single family homes. i am a builder/developer now but i like this idea about the hotel and the land would be ideal for single family homes. i need some advice on how to approach this idea and where to find financing for it? any advice would be greatly appreciated thank you
what state is the property located in? How many homes would you think could be built? What kind of cashflow does the property have now? These are some of the questions that have to be answered up front before you can tell if the project is feasible for financing…if you’d like to kick this around give me a call or email. If it’s a decent project you should have no problem getting financing.
Best,
Marc
thanks marc,
i just got the plot plan for the future developing of the land. there would be 84 condos, 111 townhouse lots, 168 patio home lots?, (dont know what they mean by patio homes) 138 sinle family home lots, and 12 single family home lots in adjacent county.
the propety is located in Va.
i havent recived any revenue reports on it yet, i have recived a voice mail from the sellers and i will call them back on monday.
so does it sound like a good deal? a hotel, a golf course, and a possible 513 units to be built. for 13.5 millon?
i would want to get an appraisle, and get 70$%ltv to hopfully get cash out at closing to run the hotel/golfcourse and begin the building process.
please reply when you get a chance
thank you
It’s pretty standard to ask for:
Executive Summary
Income and Expense Preforma
Financial Statement
Resume
Credit
Having this info readily is a bonus for depthness of consideration…
I work for a hotel broker in San Diego. You can get really agressive financing depending on financials and competitive set. What info do you have on the property?