Posted by Bud Branstetter on October 13, 1998 at 16:47:46:
I would think that a commercial loan would be easier to get at times because the loan officer deals more in business. I would get a letter from the county that no zoning problems exist. A letter from a sewer company or engineer as to the suitability and capacity of the septic system. Will it have to be increased? At what cost?
Get estimates from contractors to place the pads, tie in the sewer lines, run water and electric lines.
The report should show everything possible. It will show the income and expenses,future income and expenses, ratios etc. There are some packages that show how to put together a report for the Banker(Wright Thurson has one). You are going to sell the Banker that initially and in the future that this thing will make money for you so that you can pay him back his interest and principal.
If you don’t want to put this together and have sources of personal loans you can buy it and gradually increase the size.