I own 2 acres that has water/septic/electricty. I rent the lots to MH owners for 100.00 per month. However I want to replace the lots by building 6 Rental units, 30'x50' with concrete floors stained. The cost of each units is approx. 35000 to 40000. 6x35000=210,000. Can anyone find me a loan with my using this land and improvements as collateral. I would consider reducing the number of units in the start up if necessary. I have blueprints coming and a material list to verify above cost. Please advise if you know a lender that can help me with this project. I am in the beginning process so the amount of the loan request may go up or down. thanks for the help.

THIS IS A CONSTRUCTION LOAN. HOW MUCH ARE THE ACRES WORTH? AND IS THERE ANY DEBT OR LIENS AGAINST THEM? THIS WILL TELL WHETHER OR NOT YOU CAN GET THE 210,000, AND HOW MUCH IT WILL COST YOU. AND OF COURSE YOUR CREDIT, HOW THE UNITS ARE PRESUMED TO CASH FLOW, ETC. WILL DETERMINE THE AMOUNT, RATE, AND TERMS. I DO THESE KIND OF DEALS AND LOANS. AND I'LL DO THE NUMBERS FOR YOU. SIMPLY EMAIL ME THE DATA.

YOURS TRULY,

MIKE SIMES
MSIMES@GOCHC.COM