Updated almost 2 years ago on . Most recent reply
Seeking Financing Solutions for Florida Real Estate Developments
I'm reaching out for insights on securing financing for two promising real estate development projects in New Smyrna Beach, FL. Our local banks in New Orleans are currently not extending credit for these Florida-based ventures, so we're exploring alternative financing avenues.
Example deals.
- Subdivision Development: We have a shovel-ready project for a 45-lot subdivision. The financial breakdown is as follows:
- Land Purchase: $3M
- Site Development: $3.5M
- Phase 1 Construction (5 homes): $4.375M
- Total Phase 1 Cost: $10.875M
- Luxury Townhomes: Our second project involves developing 8 luxury beachfront townhomes. The financials are:
- Land Purchase: $2.85M
- Site Development: $1M
- Construction: $13M
- Total Cost: $16.85M
- Post-sale of 4 units, projected debt: $3.5M
We're also managing larger projects in New Orleans, with details available upon request.
Our goal is to partner with an equity investor, offering a 50/50 split, to finance 100% of the construction and 75% of the land costs. Alternatively, we're open to discussing terms with a debt financier.