Posted by Ed Garcia on April 05, 2007 at 11:47:15:
Paul,
If you?re thinking of doing what we discussed yesterday, I wouldn?t even consider IndyMac.
I?d get me a local bank that services the area. You can go in and sit down to talk to someone face to face. It?s faster, cleaner, and far fewer misunderstandings.
Ed Garcia
Construction Financing - Land Refi in LA - Posted by Paul
Posted by Paul on April 04, 2007 at 01:59:30:
Need advice / suggestions on my situation. Have a land ? 5 lots in Los Angeles. Encumbrances $860K ? appraised value $1.4M (I know it?s over 50% LTV). I?m looking for construction financing for all 5 or one at the time (as an owner builder). As built value - $750K and construction cost $300K per dwelling. Had few lenders before 2007 for construction financing but in the last couple of months (while finalizing permits) mortgage climate changed and I have to look for new sources. It is ready to build with the plans, bids,subs, schedule, etc. Would need first draw to start the construction. Thanks for any advice.
Paul
Re: Construction Financing - Land Refi in LA - Posted by Ed Garcia
Posted by Ed Garcia on April 05, 2007 at 09:27:52:
Paul,
I believe we talked yesterday.
I think you?re the gentleman who took a property with a building on it, tore the building down and sub-divided the parcel into 5 lots in No. Hollywood.
I?m sorry that I was extremely busy when you called me, but I hope my suggestions gave you some food for thought.
Ed Garcia
Re: Construction Financing - Land Refi in LA - Posted by zachj
Posted by zachj on April 04, 2007 at 18:45:42:
Im in cali, I sent you an email regarding financing…
Re: Construction Financing - Land Refi in LA - Posted by Paul
Posted by Paul on April 05, 2007 at 11:35:56:
Hi Ed,
That’s correct we’ve talked yesterday and you gave me some good ideas for this cooling market. I am looking into some owner builder loan programs besides Indymac.
Thanks again.
Re: Construction Financing - Land Refi in LA - Posted by Ed Garcia
Posted by Ed Garcia on April 05, 2007 at 09:26:00:
Zach,
Sorry, I made my previous post in error, it was ment for Paul.
Ed Garcia