We are a start up real estate promoting company in Chennai and looking for finance & have also contacted some banks for loans and even private financiers (but private financiers ask for up front payment before they lend us the money) but they dont accept agricultural land as collateral. The total cost of the project is 6.5 crores.
We can give collateral security but non of the banks are ready to finance us for the Agricultural land as it is the collateral. We also have residential property in Potheri and Ponmar at south Chennai for collateral.
Is there any Bank or Private finance institutions who offer Loan against property or project finance to fund the project ? Please suggest
We have seen a plot at Anna Nagar in Chennai and looking to develop the plot which is of 3,400 sqft. into 6 apartments. And the rate per sqft is around 12,000 to 14,000 in the locale.