I am trying to find a lender that does cash outs for raw land. The land is located in Cypress, Texas and is worth 1.7 million. My customer owes about 750K on her current lien at 12%. My customer wants to pull the equity to pay off that lean and have extra cash to build a ranch to raise horses on. I am not sure if it falls under commercial or agricultural. The previous lender (hard money) classified it as a commercial. Does anyone know a lender who can possibly do this? We are trying to keep the rate under 12%.

Thank You

CJ

If you are willing to cobroker, I have private sources that will do this. However, interest rates will be at 15%, and they will charge 2-3 points at closing. Do you have a current appraisal and survey? I'll give you a call tonight, but feel free to PM me for any other concerns.