Private Lender Land Banking

[Austin Drew]

Hi,

I have a plot of land located in Fort Pierce, Florida that myself and partners are looking to develop. We have a relationship with the bank that has control of the land and the previous owner recently defaulted on the land, which was then valued at 27 million.

We are able to purchase it from the bank at $4 million and we plan on developing Modular homes on this land. We are currently looking for a private lender to loan out the 4 million over a 1 year period with two 6 months extensions.

The loan will also be backed by a very high net worth individuals balance sheet. This is a Land banking opportunity, while we are getting the permits from the city. The city however has approved the land for 12 units per acre of the 120 acres previously on the investor who in the past defaulted on the loan. We are simply just getting approved what has already been approved in the past.

[Jay Hinrichs]

also i would be looking to talk to the big MHP operators.. 

although with MHPs  absorption is the key..