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Updated about 5 years ago on . Most recent reply

User Stats

4
Posts
1
Votes
Nathan Shepherd
  • Cullowhee, NC
1
Votes |
4
Posts

New Construction - 27 Units - 1.6 Mil - HELP!

Nathan Shepherd
  • Cullowhee, NC
Posted

Long story here... 1 acre... 300 yards from University Library... 1.6MIL and I can put 27 studios on the piece (planning approved, all due diligence complete including site engineering). The problem is... I need a down payment of about $350K. I am searching frantically to find a lender or way to structure this deal... it is a money maker but I am not familiar with construction loans at all... I work for a neighboring apartment complex, my wife has her RE license and I have my GC license and my brother owns a site company... I just need to figure out $ to make this happen. Any suggestions for a loan that would roll the $350 into the loan product or something similar?

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