QUOTE (JaySchultz @ Aug 21 2008, 10:58 AM) Hi,
I am struggling to find investors for a $3 million dollar raw land investment in BC.
Anyone know of a MIC that is looking to fund this at 50% LTV.
Please let me know!
Thanks,
Jay Schultz
[email protected]
ask a commercial mortgage broker .. for example George Hilton in Edmonton @ Montrose Mortgage !
MICs / lenders I know of that might do it: ask Fisgard in Victoria or Liberty Mortgage in Calgary or Ron Prefontaine in Calgary .. mortgage providers @ 12-15% for these type of deals with lots of additional security like your house and personal guarantee !
Be prepared for high rates ..
Land development is EVEN MORE risky right now as the retail sales pipeline has dried up, much inventory in the pipeline .. prices are correcting downwards .. and even tougher to get a mortgage for land and for construction !
we have money to invest .. send me details via e-mail if you wish .. we just bought some land in Yorkton, SK ($350,000 for 10 acres zoned R3 - medium density residential .. all cash .. for an anticipated 60+ lot land development ..)
