Creative Development land acquisition funding ideas?

[Heidi McCoy]

hello!    Anyone out there have creative ideas on how to obtain funding (for a quick close) for a development?  Need 2.5 Million and will have it developed by a non profit into 222 net zero small homes.  Funding needs to happen fast though so that we can get property off the market.  All feedback and Thoughts welcome! 

[Karen Margrave]

First off, you need to slow down and get all the information together for someone to be able to understand what it is you are looking for. You say "Need 2.5 Million and will have it developed by a non profit into 222 net zero small homes." What does that mean? 

• Do you currently own the land 
• What exactly is the role of the non profit? 
• Will you buy the land and have them develop, and if so, what is the cost for purchasing the land?  
• Are you involved in the non profit and you're developing the project for the non profit or are they a subcontractor that you are using to develop the project, it's unclear.
• If the project is being developed "for" the non profit, who does it serve, etc.? 
• Does the local municipality have any funding available for housing of the demographic that you will be serving? 
• Do you or the non profit have money for a deposit to tie the land up?
•  Have you asked the sellers about working with you (joint venture, etc.)  
• Are you planning on developing the homes yourself? 
• What is your experience? 
• What is it going to take to get the lots to the point of having buildable lots? (Engineering, infrastructure such as utilities, roads, sidewalks, etc.)
• What will the construction costs be? (actually construction of homes)
• Permit fees 
• What size homes are you planning?
• How long will it take you to bring to market once you have funding? 

Anyway, you need to clarify on the non profit and their role in your deal, and have more specifics. 2.5 million is a good size loan and anyone lending that is going to want more details in order to know if they're interested enough to even go further.