Warning: Illegal string offset 'html' in /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php on line 909

Warning: Cannot modify header information - headers already sent by (output started at /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php:909) in /home3/loanuniv/public_html/forums/admin/sources/classes/output/formats/html/htmlOutput.php on line 114

Warning: Cannot modify header information - headers already sent by (output started at /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php:909) in /home3/loanuniv/public_html/forums/admin/sources/classes/output/formats/html/htmlOutput.php on line 127

Warning: Cannot modify header information - headers already sent by (output started at /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php:909) in /home3/loanuniv/public_html/forums/admin/sources/classes/output/formats/html/htmlOutput.php on line 136

Warning: Cannot modify header information - headers already sent by (output started at /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php:909) in /home3/loanuniv/public_html/forums/admin/sources/classes/output/formats/html/htmlOutput.php on line 137

Warning: Cannot modify header information - headers already sent by (output started at /home3/loanuniv/public_html/forums/cache/skin_cache/cacheid_1/skin_topic.php:909) in /home3/loanuniv/public_html/forums/admin/sources/classes/output/formats/html/htmlOutput.php on line 141
Cash poor but have land - LoanUniverse Community

Jump to content


Cash poor but have land


3 replies to this topic

#1 Guest_susan_*

  • Guests

Posted 06 November 2004 - 02:47 PM

Hi, I own 15 acres of vacant land appraised at approx. 6 million $. The property is free & clear. I am retired and would like to buy my daughter a property that is listed for $325k.
How do I borrow against my land? Can I do a no doc? She will be paying me back the monthly payments until I am ready to sell my property then I will most likely pay hers off.
Can I get a loan using my property? Do I just go to a mortgage co and tell them this is what I have? Her credit is poor and I want to help her get a new start, but I am cash poor and land rich so to speak.

#2 loanuniverse

    Administrator

  • Admin
  • PipPipPipPipPipPipPip
  • 1,251 posts
  • Gender:Male

Posted 06 November 2004 - 10:51 PM

”How do I borrow against my land? Can I do a no doc?” At that kind of loan-to-value, you should be able to find someone that can lend you the money. I would be careful about the amount of debt to take on without the income to repay it.

”Can I get a loan using my property? Do I just go to a mortgage co and tell them this is what I have?” A bank will look for a source of repayment harder than a non-bank lender will, but yes you can get a loan if those land values are accurate.

#3 Guest_susan_*

  • Guests

Posted 07 November 2004 - 09:55 AM

Thanks for your reply.
As you may expect I am a bit ignorant in this area.
Would it be wise to just borrow the down payment $ and secure a no doc mortgage? or should I seek to borrow the full price?

#4 loanuniverse

    Administrator

  • Admin
  • PipPipPipPipPipPipPip
  • 1,251 posts
  • Gender:Male

Posted 07 November 2004 - 10:20 AM

Susan:

Which one is cheaper?

Which one gives you the longest time to pay?

How long do you intend to hold the land?

If you answer those questions, choosing is easier, but you need to talk to a lender to see what they offer. In fact, talk to a couple so that you can compare.





1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users