Private Money Lending - Commercial
Hello all,
I am just getting into the world of real estate. I am going to be developing four acres in Georgia into a truck yard. I have already had several people and a bank offer to lend the money required to develop (somewhere between $600,000 to $800,000). I have never done anything like this and don't know where to begin or if an offer is good or bad. Currently, the market for truck yards is hot as can be where we are - there is a land shortage combined with an influx of trucking companies moving to the area. The going price for cleared and graded land here is between $3100-$3500 an acre. I already own the four acres and am looking for any and all advice on lending for the development. Is a bank offering the money better than private lenders, or vice versa? I don't even know what all questions to ask. Thanks so much in advance.
Blaine C.