Financing for 5 unit development

[Cal Rohrman]

Hi guys,

I am currently working on a 5 unit devolopment in the heart of Wilmington NC by the Univeristy. The realtor selling us the land has all the permits from the city to build. I found the right builder and also the right realtor to sell this project once its completed. We also have 2 presales. We have a general idea of how much this project will cost and I have enough to take care of the down payment. When I go to financial Institutions they are having a hard time financing this project for me because of my current income. Does anybody have advice on how to go about this? or even if you can refer to me to a lender who is familiar with new construction that would be great as well. Thanks in advance guys