Financing new construction development

[Antwain Peterson]

Hello all! Myself and my partners bought some contiguous lots. We have a concept plan to develop 16 Charleston style single family homes and one triplex. We will need to re zone the lots and get the land ready to build. At what point do we start talking with the bank for a construction loan or line of credit and what will the bank be looking for from us? Any help would be greatly appreciated.

[Antwain Peterson]

Thanks for the feedback.  We are in the process of setting up a meeting next week with planing and development.  We have a concept plan ready to present.  We are thinking the next step if approved is to get the engineering plans drawn up for quotes.  However that would have a cost associated with it.  We didn’t know if it was out of the norm to start to speak with the bank/lenders before putting any more money up.