Financing help! Contract 60% of CURREN market value.
I currently have two commercial property’s under contract that I’m looking to develop. I have the property's at about 50% of market value(10 comps to support this). I had development partner who was going to close in cash, but backed out over due to other projects taking priority.
I’m worried I won’t find another development partner prior to needing to closing.
I know the value of the land, how can I just close on it as is? I’ve figured a bridge loan could give me about 1-1.5 years to find a new partner without losing the site.
Who can help me this? I’m looking to have AS little of down payment as possible. The loan will instantly give you at least 50% equity in property.
looking for some guidance!!! Thanks