commercial constr loan

[parik04]

I want to buy land that is around $600,000. I have the 20% down for it, but once I buy it, I want to put 1,200,000 office building on it. Local banks are asking 20-25% down on 1,200,000. I do not have the down payment for that. Is there a way around this dilemma?

Please help...... ???

[Wes]

So what do you think the land and building would appraise out if you were to purchase the land and build the office you have in mind?

[parik04]

Probably between 2.3 - 2.6 million once the project is completed...

[Wes]

If you could secure the land, (option to buy, partner with seller and he/she brings land to the deal, seller sells you land but holds a second to be paid off later when office is complete, or you can just buy the land) you should be able to get a construction loan based on the completed value.

Would need more information to determine exactly how could be structured, but on the surface, looks like a deal that could be structured to work.

Regards,