Updated over 17 years ago on . Most recent reply
Young developer with big idea!
Hello everyone. Im a young real estate investor with the idea of developing a condiminium complex here in the Indianapolis area. Now two days ago i went and spoke to a banker about mainly a home loan but, i did happen to throw the idea that i wanted to develop a condiminium complex here in Indianapolis area.
I had asked a hypotetical question; I said, "Lets say i needed around seven million dollars for a condiminium development loan what would you guys be looking for in particular? And she went into saying that i needed an 800 credit score, one million dollars in my current bank account, a portfolio that showed i have experience in property management and so on..."
So i guess the question i am asking is what would me having a million dollars in my account and 800 credit score have to do with it? So are they implying that there are a certain amount of houses that i have to invest in? And i thought that a loan of that magnitude would be based more about the vision? Could somebody give me a run down on what i would need to actually have a chance at getting the funding for this type of project?