New to Real Estate · Richlands, NC · Member since 2023 · 5 posts · 2 votes
Hello Everyone, I would like some help being shown the right direction on finding someone to fund a construction project. I have owned an Automotive Repair Business since 2015. I am to the point where I am tired of paying rent to for the shop we currently operate out of. I have found land that I would like to purchase under my real estate investment company and build a new shop on that property. I would like to find someone that would fund the land purchase/building project. (10-12 months project time). After the build is over I would get a conventional loan (appraisal value will be way higher than build costs) to pay back the funding. I want to do all of this under my REI company and have my other business pay rent to my REI company to help grow my REI portfolio. I will be happy to go into greater detail about the project with an interested party via private message. Thank you for your time reading this and I hope I get pointed in the right direction to make this project happen.
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
Hi Brad, Auto Repair businesses tend to freak lenders out for the perceived potential environmental issues associated with some of the activities that you have to do in your normal course of business. I would try your current bank and look at an SBA loan...possibly 7(a) as you can roll in equipment and working capital. Unless there is some reason I didn't see in your narrative, that is where I would start with such a request. By the way, that's coming from a lender that is telling you someone else is going to be the best bet for you unless I'm there's something I am not aware of.