Wedding venue/land development

[Sterling Satterfield]

I have a scenario I could use some advice on…

First, here’s a small run down without getting way to detailed….

I have a deal in Utah. It is 25 acres. We’re under contract at just over $1m. Intention was to to have 10 acres to build a wedding venue for a client who has 20+ years experience in the industry. For those of you guys unfamiliar with Utah, let’s just say, wedding venues are in high demand and generally booked out a year or more and highly profitable. Our subject lot is likely the most ideal lot and has multiple offers from others wanting to put a wedding venue on it. Luckily, we were able to get it under contract quick and well under asking price.

The remaining 15 acres can be parceled off into 3, 5 acre lots to build custom homes on. I’ve run comps on the 5 acre lots out, and anticipate they’d sell at $550k each for that land only, which is profitable without even considering the 10 acres/wedding venue. Again, for those unfamiliar with Utah, we also have the hottest real estate market in the country currently and the lots would sell with ease.

Now for my situation. There is an SBA loan 85% ready to fund the land, wedding venue and everything by early February…. Sellers will not let us extend our contract past the 31st of December (less than 2 weeks away) because they have other buyers ready to purchase it.

without going into detail (please message privately for details), where can we find someone to fund the land part by end of this month? We’d be able to show that even a worse case scenario, there’s no way for this deal to go south and not make a profit.

I’m extremely experienced with real estate in general, our local market, etc. I’m not quite as experienced in finding funding or partners, and the contacts I do have are unable to provide funding on that short of notice.

I know a deal when I see one that is great for everyone involved, and this is Definitely one of those deals…. I’ve helped so many clients become profitable, I’ve personally done very well on every deal I’ve taken on myself, but I’ve never really run into larger deals this quickly or had to help clients find money like this on such short notice.

Any help is appreciated 🙏🏼🙏🏼🙏🏼