Currently have land secured and some initial funding for a new development in Saskatchewan, Canada.
Land can accommodate 6-7 32-unit rental apartment complexes. The plan is to begin with 2 buildings, and look at add in the future as demand for the area grows and more capital becomes available.
The land owner wants to contribute the land as equity to the project, and we have a few initial investors totaling about $400K in cash. Based on some of the modelling we would feel more comfortable beginning the build with $1M in committed capital. I am wondering what avenues others have used to source capital for builds like this and if there are any recommendations or tips.
The project is solid, the demand for the first two buildings is there, but we feel as though we've tapped as much equity as we can from the small group planning the build without sourcing outside equity capital partners.
Any advice, leads or guidance would be appreciated.
