Updated over 5 years ago on . Most recent reply
Vacant Land Loan to Pay off Seller Financed Building Note
2 years ago my partner and I acquired a 9,000 sqft, two story building, zone for industrial, commercial and residential use. The building is currently vacant and has been for 5 years. We owe about $230K on the note.
Over this timeframe we received approvals to build 14, 1 bedroom apartments, inside. Since this was our first venture, we do not have the liquidity to build it ourselves and are in the process of seeking help from several local developers however with COVID things are taking much longer than normal. The current note holder has reached out to advise that he would like to have his balance settled by or before June 2021.
Outside of selling the project (which would take some time to market) is anyone aware of how we can get a loan for this property? Could we apply to get a vacant land / lot loan? Any guidance would be greatly appreciated.