Posted by Marty (MO) on April 19, 2007 at 20:25:05:
why are they turning you down? how much experience do you have? are you putting anything into the deal? sometimes they’re uncomfortable with just equity… how have you determined the value of the property? How many banks have you talked to? this may just be a seasoning issue… when did you finance the property?
we need more info…
> 800 FICO and can’t get a non-owner occupied - Posted by Brice Sanchez
Posted by Brice Sanchez on April 17, 2007 at 21:05:21:
I have above 800 FICO and can’t get a non-owner occupied loan 50%LTV in Texas. Help.
I need a bank that will refi a MH for me. I have land and cash to purchase a used MH. I want to hold for rental real property but would like to pull 50% out for the next deal. I’m in the Houston area and no one wants my business. Help!
Bare land or construction loan ? - Posted by John Merchant
Posted by John Merchant on May 21, 2007 at 23:07:42:
If the bank is looking at this as a bare land loan that might explain why they don’t like it, as bare land loans just aren’t popular, and they’re probably #1 in default rate.
But if you repackage it as a construction loan,it might just fly…I’m in the middle of 2 or 3 similar lot development projects right now and finding so long as a loan is structured as a construction loan and the lender can see that I’m improving the lot, I’m having no problem finding the money.