Is there "Venture Capital" for risky real estate deals??
A good freind of mine owns 10 acres on the southern California coast, adjacent to urban area, golf courses, and possessing spectacular view. he came into it with other relatives about 30 years ago, when the relative who had inherited it from his father (who once ran a ranch there), died. All the relatives have been squabbling for years, but now they are getting into their latter years, and would like to sell to a developer for big money. Sadly for them, all the offers have been peanuts, because there is the perception it will take two to four years to approve. This particular city has approved some coastal projects, shot down others. I suggested they entitle it themselves, and did some homework and figured they would need about 350,000-500,000 to pay for all the studies and EIR and city fees just go get to the planning commission stage. They don't want to borrow on their property. Is there venture capital out there that invests in risky deals like this on no - recourse basis?
Basically they should hire you. No there are no VC's that will do something for nothing. CA is all about money. Also VC's have a good reputation for high rates and lots of money up front. There best bet would be to get a good Game Plan together. Cost Anaylasis of what it would cost to improve the Land. After they have all this together than hunt for a Lender. If they have all this together I have some good Lender's with low rates that can help them. Stay away from VC's and Hard Money if you can.
Tim Lewis Communities Brentwood Estates in Sacramento, CA
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