I'm in the process of trying to get into real state development. At this moment I'm in the middle of my first project, I hired a owner's rep (basically a person who knows the business and who has contacts of architechs, builders, real estate agents, etc..) and he's been able to get me pretty far along in the process.
Now here's where my problem starts, I've talked to several banks and everyone wants to me to have about 20-25% percent of the total project cost in cash before they will finance me. Unfortunately my first project is going to cost me between $900k to 1 million dollars. 20% percent of that is anywhere between $180 - $200k, which I don't even come close to having.
Anyone got any ideas or suggestions? I'm kind of hoping that there is some kind of minority business programs that might loan me the money.
If anyone has some suggestions please let me know
Now here's where my problem starts, I've talked to several banks and everyone wants to me to have about 20-25% percent of the total project cost in cash before they will finance me. Unfortunately my first project is going to cost me between $900k to 1 million dollars. 20% percent of that is anywhere between $180 - $200k, which I don't even come close to having.
Anyone got any ideas or suggestions? I'm kind of hoping that there is some kind of minority business programs that might loan me the money.
If anyone has some suggestions please let me know
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