Need advice on abtaining a $500,000 commercial loan!

[Michael Edwards]

I have a friend and client who is in hopes of building a boat storage facility in Sante Fe, Tx. We have projected the facility to store about 85 boats( various sizes). He has land through owner finance deal on land, credit is fair, and his income is about $42,000yr. Land worth is from $175k - $200k and projections after construction is $500 - $650k. Need to know if he can get approved for a loan, if so what he looking at for down payment and interest rates or if an investor for some interests(30%) would be better or easier or any other viable options?