land loan questions - Posted by Philip

Real Estate Investing Real Estate Financing
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Posted by Dimpil on October 17, 2003 at 18:42:07:

Don’t have an entire answer to your questions but,

  1. Survery
  2. Survery registered with county for tax purposes (may take a few days to a few months depending on how big and back up your local county department is)

Land the lender had was the one parcle, parcle ID and tax ID, now it is less then the value because you parcled it all out, 4 new parcle ID’s and tax ID’s. So I would think they would want you to refiance because you rendered the deed they had a line against invalid.

Now developers will take a lien out against the entire land they are developing and as each house is complete they pay off a portion of the loan and the lenderd releases a section of the land for, deed/title to new home owner.

I have no clue what it takes to get this done as I’m not a developer but I have been party to small devloperes doing it this way as I had to call the bank and get a lien release a few times. I think this is how the big developers do it but since that is generally handle by their attorney and the closing attonrey gets a deed I don’t get to see all that with the big developers in my area.

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land loan questions - Posted by Philip

Posted by Philip on October 17, 2003 at 16:28:10:

I am a mobile home investor with a financing question.
Will the bank let me parcel 4 acres into 4 1acre lots, without full payoff?
Will they let me pay off say 1/3 of my land loan after the first mobile/land package sells?
Philip

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Re: land loan questions - Posted by James Strange

Posted by James Strange on October 18, 2003 at 18:47:30:

Simply put this will depend upon the bank. If it is a small local bank you have a better chanch of them working with you.

James Strange