Makes sense really because the LLC is not who they vetted and lent to, but the reality of the situation is that they very very rarely ever exercise their right to accelerate the mortgage because of that.

So in reality they look really similar in this type of situation but you don’t have to follow mortgage lending guidelines to create a promissory note.

The reality is that if the property is worth $700k and the payoff on her note(s) is $700K she is significantly in the hole. 

In NY it is 75 hours, which in reality turns into about 20 hours of real material.

@John Vietmeyer show the underwriter your signed lease and that should satisfy them to allow you to start a regular policy.Underwriter don’t want to be stuck with a property that will be vacant for months but they do understand the realities of gaps between tenants.

I am excited to make that a reality and hope that some of you on this board can assist along the way (and vice versa).

Look at some real numbers, rents and purchase prices, if you want to flirt around with reality.

If your points reflect reality, no one would have listened to him or lend him $80MM.  

In reality, contracts are state specific, and contain specific language to protect your interest. 

Most banks do not loan for what your intention is, but if you do own the land outright then you do have the opportunity to pursue a construction loan like Ryan mentioned.3. if your goal is to sell plans (approved I assume) then you have quite a bit of expense and months of city approvals/ meetings to go through before that is a reality.