Seeking advice on funding for process prior to getting the construction loans to start developing raw land (by right project)
Thanks in advance - we own 2 acres of raw land (flat/graded), and are planning a by-right project. We have done work with an architect who guided them they CAN build a 41,000 SF building on the site. We have put together a comprehensive report, studies, hard costs, and met with the city. We would like to move forward in securing a construction loan, but need to get someone to help us cover the costs before we go in and submit plans. Any advice on how to secure capital to get the first leg covered?
[{"id": "fdpjgwt", "text": "Your soft costs- You can get an A+D loan to fund those but you\u2019re going to want to show good experience and the capacity to obtain a construction loan. \n\nEvery state is different but lenders are interested in funding construction around the time of pulling permits. There are a ton of different options for construction whether you want low leverage conventional debt or private debt that can help stretch the leverage. Happy to discuss in more detail as I do this for a living", "replies": [], "depth": 1}]