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Updated about 2 years ago on . Most recent reply

User Stats

46
Posts
25
Votes
Mark Lawson
  • Real Estate Broker
  • Chattanooga , TN
25
Votes |
46
Posts

Looking for suggestions on a private/hard money lender for a unique situation

Mark Lawson
  • Real Estate Broker
  • Chattanooga , TN
Posted

I am looking to finance a property in TN that is currently a commercial property that is a former golf course that I am subdividing and selling most of it off to adjacent home owners in the HOA and keeping some of it for an RV park in order to save build out cost by using the amenities from the golf course for the RV resort.

The course is closed so there is no NOI and there are many buildings on the property but they are not rented or generating income so it has made it hard to finance. I am looking for about $980k which leaves me and my partner paying around 40% down. The property appraises on the tax appraisal at about $2.6m.

It is on multiple parcels so I do have the option to pull 4 different loans at $250k each and each parcel would value well over the loan amount which might make it easier because of less risk to lenders from a loan amount standpoint. I have had a ton of brokers tell me "yes we can do that" and then after wasting a lot of time they come back and tell me they do not offer those types of loans. I have plenty margin in the property so even if it is a more expensive route it is worth it but I am not having much luck. I am even willing to take on some partners but just looking for some ideas for lenders who will load on land projects.  

Looking for

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