Posted by hardmoney4u on September 17, 2003 at 16:58:25:
your client has enough equity to bridge on for your construction project - mail me for details
HELP !! $2 MIL. Com. Land but owner has no money - Posted by George
Posted by George on September 17, 2003 at 11:43:31:
I am a developer; I a have a client trying to utilize the worth of his property that is FREE & Clear to build 2 new buildings (500K)
Does someone know now to structure a deal maybe using created mortgages or notes to create cash for construction.He can’t take out a loan on the land because his income is too low and he really does not want to wholesale it because of the discount. maybe a no doc loan ?
Is there a way for me to create a note or cash out using his property equity. I thought I might take out a loan using the property but I won’t qualify either.
PLEASE HELP
Re: HELP !! $2 MIL. Com. Land but - Posted by Jason B.
Posted by Jason B. on September 17, 2003 at 14:24:18:
The best way I can see is to partner with a builder that is willing to work on it for a share of the profits.
Treat it like a partnership but don’t allow him to place a lien on the property. The builder’s compensation is a share of the improved value + hard costs (not including labor).
Rather than have workers “on the bench” the builder could utilize them to create some extra wealth.
–Jason