Construction Financing - Land Refi in LA - Posted by Paul

Real Estate Investing Real Estate Financing
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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

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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

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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

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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…

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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.

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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