1. Building Permits
Our preparation for securing building permits has reached a crucial stage. We've completed the meticulous compilation of our documentation, and now, alongside our consultants, we're engaged in an internal review process to ensure that every comment and detail has been thoroughly addressed.
2. Final Parcel Map Recordation
The title company is actively collaborating with the county to obtain the essential tax clearance certificate. Once this certificate is in our hands, we'll be ready to proceed with signing the mylars for submission and the ultimate recordation of the final parcel map.
3. Finance
We're in active discussions with four distinct lenders, diligently working towards securing the necessary funds for our construction project. In this week we received one more term sheet from the lender and now we have two different term sheets for construction financing. We're comparing both the term sheets and will try to close on financing soon.
Additionally we're in the process of raising $3.5 million from investors to bridge our construction loan. Our aim is to ensure that all the required funding is in place precisely when we receive the green light for our building permits.
We are raising a Preferred Equity round of 500k for construction financing on this project with a 24 months term out of which we have already booked 30% of the investment. This is a special offering as we have bumped up our return percentage from 15% {Phase 1} to 20% {Phase 2}.
We are also raising Common Equity round of $3.5M for construction financing on this project with a 24 months’ term. In this investment we are offering 40% profit share which translates to 1.47x cash on cash return at the end of project completion.
Referral bonus of $5k on every successful transaction, tag along your friends and family members and take advantage of this opportunity.