Hello All!

I'm exploring options of a cash out loan on some residential land. Currently valued at $1,200,000.00 We will need an official appraisal to confirm. Cash out will be used for additionl land purchases and to do a tentative map on the existing property.

The land is held in a corporate name. The corporation generates basically no income. It holds land investments and generates equity.

The loan needs to be done in the corporate name with no personal guarantees and no credit checks from the corporate officers.

The corporation however has excellent credit and holds land assets valued at $1,200,000.00 with no loans on it. The only corporate debt is around $40,000.00 credit line debt.

Comments, suggestions, loans will be appreciated.

Regards,
Big O

I do cash out can close within two weeks.

More info:

This property is located in Oroville, CA. 95965, 3 lots totaling 8 acres. I am looking for a fixed interest rate of around 9%, 2 points in fees. Interst only for a 2, 5, or 10 year with a soft prepay is preferable. 30% to 50% cash out. Also the land is presently on the market for sale. I am not really serious about selling at this time because I know if I do a tentative map the value will increase. And I may want to further develop it depending on my mood. Question is do any of your lenders have a stipulation about the property not being listed on the market for any period of time. If If so I'll withdraw it from the market.

I don't ask for much. Timing is everything.

I can get this done for you through private money here in cali. but 9% 2pts is dreaming!

Oh well. Everything I have and everything I've accomplished started with a dream. Let me know what the best that you can do is. 9% is difficult I know. But asking for more than 2 points is reasonable. Problem is I can gt unsecured lines of credit for $100K at under 9% interest. So if I'm going to secure it with my land I expect a good deal.

No credit checks, no personal guarantee and raw land that is listed for sale? Don't see any way you will be able to get 9% or better with 2 points and no prepay from a lender.

Best bet would be to contact local development or real estate holding companies to see if they might float a loan on it. They will be familiar with the marketability and value of the property and would not be afraid of taking it the event of default to develop themselves. Lenders look to worse case and there are very few lenders that want to take raw land back as it is far less maerketable than improved land.