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09-01-2021, 06:12 PM #1
- Join Date
- Apr 2019
- Posts
- 41
Spec homes and land purchase
Hi Everyone,
One of my clients has a construction business which grosses around $1.5-2M a year.
He's looking to purchase a piece of land that would cost him
anywhere between $200-300K and getting some additional working capital so that he can build
his spec homes at a faster rate. Ideally he is looking to borrow $1M. He's been in business for awhile
and is an established member of his community and has a strong payment history with other open credit lines.
We've discussed applying for an SBA Express Loan, the SBA
doesn't allow land purchases so the only way to do this would be to apply for operating working capital
but those only go all the way up to $350,000..
What would be other course of financing that we could explore?
Thanks
Jean
Progressive Capital
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