Background:

Have opportunity to purchase 10 acres of infill development in the booming Phoenix Arizona. Price is good. The numbers work. Land is currently zoned agricultural but the General Plan makes the zoning Residential. I can get about 45 units on it. Have submitted to the city for the pre-application process. All other tests--soil, environmental, topographical, alta, check out.

Concern:

Need financing fast. Can bring about 40% to the close. Self employed and difficult to show income. Credit score bordering 700.

Any advice?

Are you talking 60% loan-to-value of the land “as is” or are you talking 60% loan-to-value of the land “with residential zoning”? Granted, that in a lot of places the process is straight forward, but I am guessing that you are already counting on the “bump” in price that the new zoning will bring in your calculations.

60% of lower of appraised “as is” or purchase price sounds doable for a land acquisition loan. Get the zoning and then you can look for construction financing using the additional equity.

PS: Declaring all your income is a good thing. I do it

Cute! I do also--declare income that is. But I reinvest alot back in to my normal line of business. Thats why I get mega growth.

I am talking about LTV as is.

BTW I love your site.

There are stated programs as well if you can not verify your income. With your credit it should not be a problem.

Feel free to e-mail me I will give you more details. <snipped>

sfrms you got "snipped"--whats that

That means that contact information must be kept in the signature. A rule that I have to enforce to avoid this place becoming full of advertising.