last minute advice on Development Proposal, please help

[Mark Updegraff]

Hi all,
I'm an aspiring developer, and as such I decided to put together an awesome team to submit a proposal for RE dev in response to my city's request. It looks like there is 1 other serious contender, and everything on our end looks great! However, the local bank I was working with is unable to give us a letter of intent, which I found out about a week ago. They cited the reason for decision being "that one of the two personal guarantors is not local." I immediately set up an appointment with another local bank that has a presence in both of the guarantors backyards, and everything seemed great, but I just found out that they're not able to loan on it either! Their reason being that my Base Rents were not in alignment with their experience (though my market research says otherwise). Ultimately, I believe the problems in underwriting are with my lack of experience, and not on the basis of financials.

If anyone has some experience with "asking" the city for help in a proposal, I would love to chat!!

Also, if anyone wants to be an equity partner, we're now open to that as well!

Frustrating to say the least, My team and I have spent the last 2 months developing an incredible program.... and now I feel like I lost both oars.

If you need particulars PM me. We're currently providing over 33% of the equity needed to get this baby built!

Advice always welcome,
Cheers,
MC