My LLC owns a lot in Fraser, CO (Winter Park Area) that we want to build a modular triplex (town homes) on in 2020. Once we build the triplex, we plan on either long term renting or selling two of the units (preferably sell) and keeping the third unit for my family to live in for at least 2 years. The third unit can either stay within the LLC or be sold to me personally, whichever is more beneficial. We anticipate the sale of the first two town homes to cover 85-115% of the construction loan.
Our goal is to find a construction loan for this project that requires 20% or less equity down. We own the lot free and clear valued at about $130,000. The project is estimated to cost about $1.2M (including the lot we purchased with cash) and appraise at about $1.6M. For lending discussion purposes, both my business partner and I are Army Veterans, me with an honorable discharge after 7 years active, and my business partner who is 20 years National Guard and still going.
I'd greatly appreciate any recommendations regarding procurement of financing (20% or less down equity) for our construction loan through either specific banks or financing strategies. Thank you!