Have property, needing funds to develop whats the best strategy?

[Mike Brautigam]

Hi all,

We have family property that a portion was recently released from the ALR. We're now looking at submitting a subdivision proposal. The neighbours on both sides have recently subdivided and sold off almost all their lots. They're telling us it has cost them approx $25k/lot to develop which would put us around the $200k mark. We plan on doing a significant portion of the developing ourselves which should bring costs down but we are trying to figure out the best option for financing.

My wife and I are picking up and moving to a new town to develop this property. We'll have accommodations and no debt and wont have a problem finding jobs in the meantime as we are both professionals. Currently we have a combined income of about $180k but very little in savings...just some properties.

My question, given the circumstance is there a better option than a heloc I should be looking into for financing? We do have access to $70k through LOC's right now.

We also plan on forming a company before this all sets in motion, i'm not sure if that matters or if you have any advice regarding this, i'll continue my search.

thanks!