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Updated 3 months ago,
How should I finance a 10-unit apartment development?
I am looking for creative ways to finance a small apartment development in Michigan. The total project budget is approx. $2.5M. I own the land and it is valued at $150k. Local bank financing would require an additional $350-$500k towards the down payment. What are the my options to limit bringing that money out of pocket for the down payment but also minimize the amount of equity given away on the project? Essentially, how much equity should I be prepared to split with in investor in order to not bring additional cash to the deal?