Hi,

I have a 1/2 acre, golf course, residential building lot in a desireable area outside of Fort Myers Fl. Subsequent to the purchase we have cleared the lot, had the required fill dumped on the land and actually have a building permit ready to be picked up. It's a good to go.

However, with the current state of the market it makes a lot more sense to purchase an existing home, however, with all our cash tied up in the lot it gets expensive. Are there any good programs available that would use that lot as collateral for a loan? What is the highest LTV we might expect?

Thanks

commercial or private/hard money lenders might cross-collateralize up to 50%ltv on that lot. Residential lenders will not cross though..

Are you in an high hazard area? (it matters to some lenders)
What is your credit score? If you are over 660, I have a lender that will do a one time close construction loan, 80/15/5 with a fixed rate 2nd, which will include everything. You come with zero at the table if the appraised value will come in with 5% more than total cost. In the worst case you will need 5% down.You cannot act as your own contractor. You can go stated income, verified assets or full doc. Depending on docs, rate could be anywhere from prime to prime +1.5 during construction and decent rate afterwards. I didn't quote any because I will have to check with them.
Hope this info helps you.