Need An Investor
I'm developer/builder, I have recently found 80 acres in the Southern California area (where I live) with approval for 39 lots, that I can purchase for under 1.6m or $41K per lot. The lots can support houses selling in the $550K to $650K range.
Infrastructure will cost 50-80K per lot. hence a finished lot price of 90-120K and the construction costs will be around $200K per home.
I have excellent credit around 730+, I will need around 3M to start, I have the bank to do the deal, but need help with the down of about $600K , I can put in 200K in.
So I’m basically looking an investor (not a partner) for the other $400K who is looking for a reasonable return.
Any ideas ?
My guess is that you will either have to go to a different lender or deal with someone locally that you can prove yourself too.
Hes right. I know that you can find a lender to do a commercial deal with 10% down. You're almost there. You might look into coming up with the rest, possibly with credit, one investor, or a group of smaller investors looking for a good return.
A regional size homebuilder will put up the cash for the inventory of lots.