Bank dropped the ball on HUGE equity project HELP! - Posted by Jerry

Posted by Ernie on September 24, 2003 at 19:35:46:

I can help you getting the financing, please contact me by email.

Bank dropped the ball on HUGE equity project HELP! - Posted by Jerry

Posted by Jerry on September 23, 2003 at 10:37:43:

We have been dealing with our local bank on our development project, but they just informed us that they will borrow us no more money to complete our deal, claiming they are too conservative for this type of lending.

In a nutshell…We own a residential development with 6 lots total. On three of the lots we have purchase agreements pending closing, one we are closing on in two weeks and the other two will follow shortly. On one of the lots we have started to build a house. Basement is in and the builder is scheduled to start framing in two weeks. Once we close on the three purchase agreements, we owe nothing. The house we have started is appraised at $500,000 with the 10 acre lot it is on. Plus we have our home place, which is 5 acres, and the two remaining lots in the development, one 5 acre and one 9 acre.

We need to borrow roughly $225,000 to finish the house, put it on the market, and continue to sell the remaining two lots.

Problem is, my wife and I have bad credit, and I just got my real estate license and our bank will borrow us nothing else because I quit my “good paying job” to go into developing and real estate.

With the house completed and the remaining property we own, we have about $700,000 worth of equity, probably more.

Where do we go to finance this deal?

Email me for more info. We need this done ASAP!