Financing
I have just purchased an option on a property across the street from the main entrance to Augusta National in Augusta, GA. When and if I exercise the option, I’ll be paying $395K for the site which now has a 1200 sq ft brick bungalow which, anywhere else in Augusta, would be worth about $150K max. My immediate neighbors have bought similar lots, scraped whatever was on the properties and built 7,000 to 10,000 sq ft ‘clubhouses’ for hospitality at the Masters and have very profitable businesses during Masters Week in April each year. I would like to do the same. How can I interest a bank to give me ‘conventional’ financing on the site?
J-Dub
You are paying $395k for an option, to possibly erect a 7,000 to 10,000 sq ft clubhouses for hospitality and have avery profitable businesses during the Masters week?
What happens during the rest of the year when the Masters is not on or just (I mean just) if the Masters is moved? BAsed on your knowledge of the locality, and what will thrive (not what your neighbors have done) business wise, the bank will be more inclined to . The banks only wants to get paid, so your plan must show that.