My condo construction project-need help

[ Follow Ups ] [ Post Followup ] [ CREOnline Commercial Real Estate Q&A ]

Posted by rdlazo on January 04, 2005 at 04:10:33:

I found a 2.2 acres in very desirable area that can be a 22 unit condo project that should retail $250,000 each minimum. 1500 to 1600 Sq ft each unit. City said up to 10 units per acre. I am in escrow to buy the land.
I want to do it solo for max benefit. Thinking of getting land loan of $400,000 or should I just get the whole package of land and construction loan? Is it doable.
land cost $ 500,000
Construction cost $2,200,000

I have $100,000 cash and can raise another $100K
My net worth is $500,000.
I have done SFR buy and sell but have not done project like this.
Am I dreaming getting financing on my own or just go ahead and get investor partners to qualify for the loan.
What will the lender want to see as far as me and the loan package.I have 750+ fico.
Rudy lazo

Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:

[ Follow Ups ] [ Post Followup ] [ CREOnline Commercial Real Estate Q&A ]

CRE Online, Inc. © 2004, All Rights Reserved.
creonline.com