JV opp, Residential housing development
Hi Everyone,
We have a great joint venture opportunity on an unfinished residential housing development. We have construction financing lined up but need a joint venture partner with cash to acquire the property. We're offering a significant ownership stake in the entire project.
The property is platted for 100-plus homes, fully entitled, and all utilities in-ground for about half the lots. It's in a suburb of a major western city that is currently experiencing good sales on new homes.
The bank holding the non-performing note on the property is willing to let it go for 10 cents on the dollar. The prior developer who defaulted on the note is out of the picture.
The current partner in this deal is a residential housing developer with over 30 years in-depth experience. A local team has been assembled and construction can begin almost immediately upon acquisition of the land.
Needed: $500K cash to acquire the land
Upside: Profit potential of $1.95 million in 18 months
An executive summary and other details available with a signed NC/ND agreement.
Anyone with interest, please contact me ASAP.
Thank you!
- Ken Garnett