Got our first major commercial property under contract!
MODERATOR NOTE: I'm locking this conversation down because the original post is possibly in violation of the rules. BP does not allow any form of self promotion, looking for partners, deal making, etc. Although the OP doesn't specifically ask for money, he does mention he is looking for investors and the projected returns. ~Nathan G.
Hi all, this is my first time posting here and I am doing so because I am so incredibly proud of my team. We have officially gotten our first major commercial property under contract for $2.15M! Our plans are to construct around 350 storage units on part of the land, while also updating the 10 unit apartment complex located at the front of the property. The entire project will come in around $5.5M, but property value estimates range from $7.9M to $12M. Our advisor, who specializes in storage unit construction and management, was extremely excited to hear about the deal.
Our current task/challenge is raising private money loans to cover the down payment and cash burn during construction (roughly $800-900K in total); we have a detailed loan package and are looking to offer lenders 13% interest per year over the 36 month loan period (lump sum loan). If anyone had any suggestions or strategies that worked well for them when raising money, I would be very grateful to hear about it.
I look forward to keeping you all updated with our progress!