New Construction Townhome Development - Sheppard Air Force Base

[Eric Barron]

I am looking for input on our first development project.We are looking at a development deal in Wichita Falls (Sheppard Air Force Base). The developer we are teaming with has contracts to provide rental housing to the DOD and we have a deep bench of pre-qualified servicemen with LOIs to purchase homes but a lack of inventory. We'll be able to get these under contract for $190,000 within a few weeks of closing on the deal. There is an opportunity to build 20 townhomes that will feed into the most desirable school district in the vicinity of the base.The first phase includes purchase of the land, development and re-platting, and the building of 5 units. Roughly 4 weeks after we start we can generate addresses and get the properties under contract. Financing for the project is in place through the developer, we are looking to raise $180,000 to get the project started.

Does anyone have any input as to the best way to go about securing funding?

My construction team will oversee the projects providing detailed reports and weekly scheduled conference calls. There will be additional opportunity to develop the remaining 15 units.