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We have an Lender/Investor that will provide 100% of the funds to
purchase and carry land from purchase to sale as paper or engineered lots to an
unrelated third party.
Lender/Investor criteria is as follow:
Borrower/Partner
must have successful experience in land/lot sales. Borrower/Partner
must have good credit. Borrower/Partner
must accept that profit (for both parties) comes out at the end. No
administrative payments will be paid during project
term. Lender/Investor must be in the 1st D/T position.
Project costs must
be between $1M and $5M. Project must be in
a strong absorption market with an expected hold period of less than 2.5
years. Lender/Investor prefer situations where residential lots are
pre-sold to credit builders with cash down and minimum lot schedule established
(lot banking) Lender/Investor is the money partner with all cash in at a
specified percentage (no points or pre-payment penalty).
Lender/Investor and Borrower/Partner (land speculator/developer) share 50/50 in
the upside or downside. Lender/Investor want to establish relationships not do (one time) transactions. Myron
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