We are looking for funding for purchase of two acres and construction of a small apartment complex. We live in the state of Texas, have credit rating of about 630, have no debt and own a mixed use property with no mortgage. We are looking for information and advice on the best way to go about getting this done. Any help would be greatly appreciated.
Swimmer,
Have you tried contacting a bank in your local area? Depending on the size of the deal that may be your best bet. They are familiar with the area, and that will help them make a better informed decision on your deal.
In most cases, commercial acquisation and construction are handled as two seperate transactions (two loans); acquisation LTVs are between 55-65% and construction LTVs are between 90-100%.
I would need to understand more about you, your financial situation, the property in question and your intentions to provide anything specific.
Regards,