Financing for Small Condo Development

[Eric Chauvin]

I have a small development opportunity in Boston and I am wondering what the best way to finance the construction would be. The land owner is willing to partner with me and provide the land. The land itself is worth about $1M. He already has architectural drawings and is working toward getting a building permit issued. This would be a ground up build of 2 units (2,000 sq/ft each) and have a sell off of around $725/ft. What would be the best financing option for the construction? I have looked into hard money loans and was not sure if a bank construction loan would be better. Thoughts?

[Jonathan Bombaci]

Try Pawtucket credit union they’re doing a construction loan on something like this for one of my agents in Watertown.