Looking for a land loan and or equity partner.
Ideally it will be someone who has done commercial development of smaller (1.65 acres) commercial projects.
City permit processing will cost $300,000 and take 2 years.
Current land value is $2M
Current debt is $510,000
Looking for a $1,000,000 loan
Use of proceeds;
Pay off existing debt; $510,000
Wrap 24 months of payments of taxes and loan into the new debt
(no payments while processing the permits)
$300,000 for permit processing, engineering, architectural, etc all the way up to construction financing
$190,000 contingency...money can be held in a Lockbox/Escrow account
Kurt cell; 949-278-3216 text me 1st I rarely answer unknown callers
Property is currently listed but Seller has obtained Conceptual Architectural Renderings and has spoken with the City of Bonsall