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Updated over 2 years ago on . Most recent reply
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Funding new construction - developer vs investor
I'm not sure which forum to post this in, so I'll give it a shot here. I'm an architect and have a small construction business with a partner (another architect). We only design/build Zero Energy Ready and Zero Energy homes with this company. Currently we have 5-6 homes either on the boards (design) or in construction. We would like to venture into developing our own projects and either selling or renting them once complete. Project size could vary between single family, townhome/multi-family or even small neighborhoods (under 20 homes to start). We have all the tools and talent between us for the design and construction scopes, including dealing with municipalities and working with civil, structural and MEP engineers, as that's part of our full time work.
However we are not familiar with the process of seeking and securing funding for new construction/development work. Does anyone have some good resources (books, webinars, websites, etc.) on how to work the front end of this type of proposed project and putting together a compelling proforma for potential funding sources (and even how to locate reputable sources to partner with)? I will be reaching out to some developer colleagues to ask the same questions but thought some fellow BP folks may have some guidance here. Thanks for any input, I appreciate it.
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You may want to poke your head in the "Real Estate Land Development & New Construction Forum" and see who is active there.
I'm in the beginning phases of learning the development game and there are some very helpful people there and the CRE forums.
There's a fellow named Douglas Gratz that's also based in Philly working on his first new construction project (has a thread name "My New Construction Journal From Start to Finish")-- while not exactly what you are looking for, could be a great contact. Barry Ruby also shares a ton on knowledge.