Short Term Investment
I have a licensed construction company and have formed a development company. I am developing a 95 acre concrete home subdivision 10 miles outside of Montgomery, AL in the fastest growing counties in Alabama (land is in two counties). I'm located ideally two miles from I-65 for easy access to amenities and those working in Montgomery. The land is platted into 119 lots total, 40 lots Phase One, some will be lake-front lots (after lakes put in), have all county/city approvals for road construction, etc. Have full set engineered drawings complete with environmental study. Project to gross $29,750,000, net approximately $11,000,000. Houses sell for $250,000 average. I'm able to make approx. $100,000 per house. I buy wholesale materials (I am opening a retail design center), I will build for the project at cost + 10% (I own a construction company and we use very few subs. My cost to build very nice homes with custom cabinets, etc., is about $60 per square foot). Land prices .2 miles away selling for $11,000 per acre.
Am looking to borrow $450,000 against the land to put in the roads (stamped decorative concrete) for phase I. My lot values are $35,000 as per MAI. My raw land value was $435,000, but I do not have an appraisal for the land as it is now as a fully licensed subdivision. I am open to financing options, and am willing to deal with a fast lender/investor who wants a high interest rate and a short term loan on the land as collateral, preferably something like 20% or so (open to offers) interest for six months to a year, interest and payment due in a balloon note if possible. I have been approved by several places once the roads are in place to pay off this debt and obtain model home and spec home financing. I have 20 people on a waiting list (not contractually bound) to be notified when sales begin.
I am also willing to talk with anyone about financing more of the project if they're interested and able to work with me at this stage.
Please feel free to contact me by phone: 334-290-3484 (office), 334-312-1602 (cell), or email: **Please See My Profile**
Thank you.
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