Where do I go from here

[Chrispb]

Hello. So here we go. My mother owns a site which now has planning for 12 flats on it. She now doesn't want the hassle to develop the site so has come to the conclusion she will sell it as a site. On the other hand I would like to develop this site. She has agreed that if I can raise the funds that I can borrow the ground until flats are then sold and would be paid back to her. Haven't developed before been around it though being a joiner and own business with my father. So it's not entirely new. There has been an appraisal done by a surveyor so have all the numbers down for what cost will be. What my question now is where do I go from here? I own a house but with a mortgage on it could maybe get a little form that. So would it be possible to borrow money for this project or would I get laughed out the bank? Thanks

 

[nmb]

Personally I would never-say-never but two things which would count against your application for development funding would be your relative inexperience in this area and lack of collateral to borrow against. Have you considered taking on a more experienced partner? While this would reduce your potential return it would also reduce your potential risk.