BiggerPockets

Hi,

I've got a great property under contract and need a HML quick. I'm in contact with a couple of lenders but want to explore any/all opportunities while I can. Here's a brief summary:

Have a single family residence shell under contract that sits on two adjoining lots in Takoma Park, MD (Montgomery County). Originally planned to do a complete gut rehab but have confirmed with the county that the two lots are already subdivided and can have separate SFRs built on them. With much more profit potential, my plan now is to tear down the existing house and garage and put up two new homes, one on each lot.

Purchase price is $225k, and the cost of building two new 1500 sf, 3/2 SFRs (one on each lot) is about $275K for a total investment of $500K. ARV of each house is MINIMUM $450K, or a combined ARV of $900K and up. A new home constructed on the lot across the street sold for $500K on June 29, 2009. I can bring about $40-50K to the deal, which should cover points and closing costs but not much more. Willing to discuss terms that make sense for both of us.

Because this is such a large project and involves new construction rather than just a rehab, I'm having a hard time finding financing. Worse, I have to move quickly because of a short financing contingency. If anyone knows of a HML that might do a deal like this, please let me know or have them contact me at [CONTACT INFO REMOVED]

Serious inquiries only, please (decision within 24 hours after I provide all documentation), because time is of the essence. Thanks in advance.

Yes, and I'm getting a bit desperate. I can't get the financing lined up despite my best efforts and my window of opportunity is drawing to a close!