[onlymeade]

I am seeking funding for a real estate development in Manhattan. I have been looked at as if I am crazy because I am 21 years old, an ivy league student and searching for 22 million dollars in funding to secure a 12 floor condo building in SOHO with approved/attached plans, environmental surveys are complete, a contractor has been arranged, the community board has approved the development and the city has given the go ahead to build. I LACK MONEY. The purchase price of the property is 11m, and construction is roughly 11m. Total sales of the 19 units produces roughly 11m in profit over a 12-18 month build (average 15), and a total project time from acquisition to total sale is roughly 24 months.

Not structuring this as a typical "construction loan" and financing the entire project at once, means that for those 24 months, the investor is out of pocket, 500,000 for a down payment on the property to begin the project and 3.3m in loan payments. 3.8m over 2 years yields 11m in profit, while being conservative with the sell off numbers.

Many recent articles describe the decline of real estate in the United States. Some even go so far as to say Manhattan will be affected, they are wrong. Articles describe a "glut" in the condo market, that homes stay on the market for up to 140 days. If this were the case, the underwriting of 200-500 unit towers would not continue, yet every day, more and more cranes come to the city. These condo towers are often 50-80% sold long before the certificate of occupancy is granted. Oh, did I mention this is a Philip Johnson designed building and I have the rights to use his name while advertising?

Someone is going to make a considerable sum of money on this, but whom?

As for the resale, I have already secured a brokerage firm in Manhattan to handle the sale of the 19 units, and I will guarantee the sale of the first unit at cost plus 20%.

If you have any further questions or this is a project which interests you, I will happily send you an N.D.A. and we can discuss this.

Thank you for your time,
Meade

[akula]

you're not crazy but you are delusional, because you are looking for very specific things in totally inappropriate places

good luck though :-)

[onlymeade]

correct me if I am wrong, but this is

Looking for Capital/Biz Partners section of the young entrepreneur forum? How am I being innapropriate?

Meade

[theBIGone]

I think what he means is that Young entrepreneurs is probably not the best place to look for millions in funding. After all, most of us are "young" and probably not wealthy yet.

[stand856]

why not develop a focus group in your ivy league college,
i'm sure if that focus group reaches out to their parents with appropriate business plan, some of the parents might be able to help

[onlymeade]

ok, so i misunderstood the purpose of this site. it is not to seek out funding form venture capitalists browsing the site, or any othe private equity, it is for mutual funding and support within the online community?

[akula]

Originally Posted by onlymeade

ok, so i misunderstood the purpose of this site. it is not to seek out funding form venture capitalists browsing the site, or any othe private equity, it is for mutual funding and support within the online community?

aha, yeah. smthg along those lines

"searching for 22 million dollars in funding" on an internet forum

now I've seen it all

[onlymeade]

you never know whos watching, the worst that can happen is "no", but its 3.8, your on the line for 22, but it takes 3.8, and 3.8 to make 10-13 isnt too bad last time i checked, in 2 years, thats what, 150% ROI per year in terms of actual money spent, i would take those numbers any day.

but thanks for the help
ciao

[lime]

Originally Posted by onlymeade

you never know whos watching, the worst that can happen is "no", but its 3.8, your on the line for 22, but it takes 3.8, and 3.8 to make 10-13 isnt too bad last time i checked, in 2 years, thats what, 150% ROI per year in terms of actual money spent, i would take those numbers any day.

but thanks for the help
ciao

I find your idea/plan very interesting and if I had the money would most likly help you out. Maybe someday I can. If you need any other help that could get me involved somehow (besides money) let me know. If I can think of anyone I will let you know. Good luck and nice idea! PM if you want to talk more. I am currently an undergrad at CU Boulder, but I have many years experience running my own businesses.

[mikeanders87]

Meade,

Don't worry man. I'm 19 and doing crazy stuff too. I also go to Washington University which is pretty much like the Ivy League of the Midwest. I have started an online buisness financing brokerage named Broadgate Business Financial LLC. I am establishing some lender and investor contacts. Perhaps I could help you out?