I own essentially clear app. $250K+ In 2 (9A, 3A) MO Ozark subdivision lakefront acreages with pvt dock slips and 1 AR resort building lots. Have held on to them 10 years - would really prefer not to sell if I can find workable alternatives.
Incorporated DE 1998
Have a mixed used property I want to purchase, improve for use, secure op capital , for OOC building. $125 - $150K 3 years - long enough to clear off worst dinks on credit report (506) secure 3 years business records and then I can go commercial re-fi. Property is located at entrance of state park with high traffic volume and no competition for 15 miles. No zoning. Hands on experienced owner/OP - it will have good ROI.
The 9A lakefront property and the business to be purchased should appraise out in the neighborhood of $250K+ so I’d be looking for about 50% total LTV on combined land and commercial property.
Credit score and amount are blocking getting this done. Are there HM lenders out there that are open to this kind of scenario or are private investors my only other possible option to selling?
Appreciate suggestions any suggestion the group could offer. The business traffic is somewhat seasonal and weathering the winter with out catching the tail end for buffer will tie up more funds.
Thank you!
PJ