Board Topic: land acq funding
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land acq

Posted by: Guest_john Oct 23 2004, 10:00 AM
hello i have a land deal that i am in need of funding;purchase of 73 ac of land for development just had property apparised value is 3.5 mil seller needs 2.3 , i need short term bridge until apartment funding is complete which take about 4 to 6 months hud 221(d)(4) need fast closing 30 days max is this possible all doc are done market study phase one and title all just completed

Posted by: loanuniverse Oct 23 2004, 01:06 PM

Maybe one of the non-bank lenders here can help, but as a credit person, I get a couple of questions from the information that you posted.

1- If land was appraised at $3,500M, how did you get to buy it at $2,300M?

2- Do you have $1,150M so that the lender can come in at 50% of lower of appraised or purchased value?

3- Some “developed” land can support higher loan-to-values, but the term “developed” is reserved for that land which is ready to build. Is this land ready to build?

Good luck

Posted by: moneyde836 Oct 23 2004, 06:12 PM
We may have some interest. Email or fax your Executive Summary with more details.

Regards...

Myron Alford
email

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