All Forum Posts by: Patrick K.

Hi all, 

I am undergoing a project to consolidate a lot. My goal is to build a small hotel or rental complex right after. I have already obtained all but the corner property. 

I do not have enough for a downpayment at the moment. However, I am thinking if there is a creative way to get this project going. here are some thoughts. 

I can start to submit to the city my development idea inclusive of the corner property and see how they respond. if they are supportive I will send in an offer to purchase to the corner prop with a longer financial clause. With a valid purchase and sales agreement. I can try if I can find a source to finance the entire project, including the fund to purchase the corner as well. 

the problem here is the discussion with the city will be very preliminary, as it is the best I can do without having the actual ownerships of all properties involved. I was wondering if that is enough to secure a source to finance the project. from my understanding development financing usually comes in much later when a building permit has been secured from the city. 

This is my first time dealing with a project this size. What are your thoughts? any creative approaches?