[Fundyman]

Very tricky deal here...

I have a land deal in Jersey with a situation as follows:

• Loan request now as a bridge would be for about $600,000 (ideally add that to $1.2 MM construction loan or at least $1.6 MM loan request)
• $350K worth of liens on the property have to be paid
• property is in court right now for tax lien foreclosure
• Court has no problem giving the property back, provided there is a good reason.
• & of course, the tax liens portion ($85K) has to be paid back.
• Borrower needs $1.2 MM to build 4-unit residential
• Needs $200K to fix well water issue, upon which it's too easy to get OK to build.
• Each lot is worth $300-350K, making the property worth a conservative $1.2 MM now.
• ARV is $2.4 MM (that's 4 residential units going @ $600K min.)
• They already have prelim plans; full plans can be obtained upon request.

Basically, what it takes here to get this deal going is a conditional approval from any hard-money lender. The thing is, the bank will ask to see PROOF OF FUNDS upon receipt of the CLA. Can anyone get this done?

Please PM me ASAP, as the borrower goes back to court on Thursday. Feel free to reply on here if you feel this is more a "pipe dream" type of deal. It doesn't seem impossible at all because the residential zoning is pretty much there, & lenders love doing residential construction. The tricky part is the money that needs to be spent on the bridge end.