I have a commercial vacant land property under contract, it’s 120 acre and I am wanting to know the best way to purchase with no out of pocket money up front. I am able to get 50% bridge loan but I am still in need of the other 50%. The total cost is 1.6 millions. The lender that I am communicating with says if I can find the other half of the purchase price, we can get a development loan on the property.
We are wanting to put a truck stop, drop lot, and truck wash for starters,(phase1)
Then reach out restaurant vendors, like red lobster, smoking bones, Bahama Breeze, Cheese cake factor and so on.
So, just to make sure I have the facts. The 120 acres you are buying, and the phased development plans with truck stop, etc... you have covered all the bases for zoning, permits, environmental assessment, etc.? My experience in developing commercial lots/property is that financing isn't always the biggest piece. In fact, in my world the county UDO and environmental impact studies would be the big issues.
preliminary environmental has been done but going forward everything thing looks to be doable.
As for POF at first we had a lender who was supposedly able to provide a loan of 2.6 which would have covered purchase price and part of development. But as they say things happen, so I got escrow money out plus the sellers are looking forward to moving on.