Posted by Dave(WI) on September 18, 2001 at 23:17:28:
Ed,
Would you be able to refinance a land contract that doesn’t have much seasoning? Reason I’m asking is that I just purchased a SFH on L/C subject to the existing mortgage of 11%. Loan balance is $138,000.00 and home was appraised in March 2000 for $172,000.00
Thanks
Dave(WI)
Land contract refi’s - Posted by Andrew
Posted by Andrew on September 15, 2001 at 21:09:29:
Ive read some posts about people that say you can buy a property no money down by entering into a land contract and then refinancing right away to pay off the land contract. Is this possible and if so can you do it with commercial properties?
Re: Land contract refi’s - Posted by Ed Garcia
Posted by Ed Garcia on September 16, 2001 at 11:06:00:
Andrew,
There is no black and white answer.
It would depend on the deal, the way the deal is structured, how strong the borrower is, and the lender?
I’ve watched many deals go down with lenders who normally would not do a deal that you’ve just described, because they like the borrowers. So a strong borrower can make a difference.
Ed Garcia