 land loan, buying land to build on |
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| handy |
 Dec 6 2005, 05:04 PM
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#1
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Part-Time Teller Group: Members Posts: 3 Joined: 22-November 05 Member No.: 994  |
Where is a good palce to go to get a land loan after I've had a bankruptcy? It has been discharged for a year and I have about $10,000 I can put down. Thanks!
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| LenderBuddy |
Dec 8 2005, 01:42 AM
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#2
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 Sr. Credit Analyst  Group: Members Posts: 114 Joined: 11-November 05 From: San Francisco Member No.: 968 |
Most lenders I know only lend 50% of the value of the land. Some go a little higher. So that means you can purchase land for $20,000 or so. I have seen some posts that suggest you can borrow more for land. Again, the lenders I know typically like to lend on land that is entitled and expect to have something built on it within 12-18, maybe 24 months. Also, the costs to borrow such a small amount are so high that it does not make sense getting financing. If this is a commercial lot, you might very well find it costs you $8,000 to get a $10,000 loan. Bankruptcy may be one of the other issues that kills the deal.
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| pmamoney |
Dec 8 2005, 01:55 PM
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#3
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Summer Intern Group: Members Posts: 1 Joined: 8-December 05 Member No.: 1,034 |
We have the ability to finance land up to 65% Loan-to-value without construction.............. Now if you have things setup to move on construction we have the ability to finance 75% on the land with 100% financing for the construction. With the construction loan it's possible to have the interest reserves built in so you do not have to pay on the loan till construction is complete. I do not know where you are located but if it's in the surrounding area near PA then send me an email and we'll proceed further.........<snip>
This post has been edited by loanuniverse: Dec 8 2005, 03:39 PM |
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