Bridge Loan for Land Acquisition and Development
I am under contract to purchase a 0.75 Acre plot of land. It is currently two lots zoned R-2, but one lot is landlocked. I intend on purchasing the land, re-zoning to R-3A (in-progress) and amending the subdivision plat to turn the lots providing both proper frontage. All of this is in process with the AHJ and Engineers. Once re-subdivided, before the amended subdivision plat is recorded with the City, I will need to install a water line and a CMU wall along adjacent property.
Does anyone have experience with a type of bridge financing to purchase vacant land and close fast? I do not intend on building on the lots for about a year or so. I would want to purchase the land, finish re-zoning/amending subdivision, continue building some additional capital and begin construction within a year or so.
Or any suggestions on how you would fund the land purchase?