Posted by Yuhanna Sherriff on December 30, 2010 at 19:10:26:
We have not actively looked but want to know if there are
lenders out there still doing construction deals for multi-
family.
We have put 54 units under contract via REO for $300,000.
They are vacant and need to be demolished. We are planning
on constructing town homes on the 3 acres. The purchase is
contingent on obtaining construction finance.
Looking for a lender willing to loan a approximately
$900,000 for construction. Construction plans and marketing
plans will be ready within one week.
Our firm is not too familiar with multi-family investments
but this opportunity is a turnaround not a long term
portfolio hold.
Thanks
Yuhanna Sherriff
Garrison Capital Group
www.garcapgroup.com