Advice on funding New Construction in Massachusetts
Hello BP!
I am a wholesaler and landlord in the Rhode Island Market, but have recently come across a piece of raw land in Canton, MA. I know that raw land and construction are desirable in the Boston demographic area.
The deal consists of 1 large lot that has already been subdivided into 4 lots and approved to build upon. Water/ Sewer/ Gas are all on the street. I pulled comps, and a 2200sq ft new construction would conservatively fetch 550-600k.
I have interested buyers that need financing. Is this something that is attractive to a lender? The land purchase is somewhere in the ballpark of 1.1MM, and the construction about $800k. The buyers have money to put down, just not 1.9MM.
I realize i'm being rather vague on some details, but i'm not looking for a commitment- rather just some friendly advice.
I'd really appreciate any feedback! Please feel free to message me if you have any questions at all, or call me direct at my number in my profile
Thanks in advance
Jesse Andrews