New Construction - Mixed Use - Obtaining Financing?
Hello BP,
I am new to the game of developing. By new, I mean I have never developed a property in my life! I am wondering what the best way to get financing for my first project would be.
I currently own the land that I would like to develop on. It is a hard corner in a densely populated city. The city will approve a mixed-use scenario with retail on the ground level and apartments above. I have the highest zoning in the city so my options are pretty endless except for industrial.
Options I have thought of:
1. Partnering with a local bank
2. Obtaining LOIs from National/International tenants
3. Bringing on partners
4. Any other ideas? If I wanted to go with choice #1 what would be the most effective way of convincing a bank that I have a solid project?
Thank you for any advice.