Posted by Ed Garcia on January 01, 2001 at 22:33:20:
I’m sorry to tell you this, but from a lenders stand point, what you are trying to do, is as about exciting, as?. watching paint dry.
John, real world on land, is 50% LTV in a metropolitan area, and 25 to 30% in a rural
John, I’ve got to tell you that in this price range, with decent credit, you can get a personal credit line for 10 to 20K unsecured. So it’s not worth the aggravation of, going through appraisals, etc. due to the size of the loan.
In concept, your idea is fine. It’s just that with the kind of property and the size of the deal, most lenders would not find this deal to be attractive.
John, I’d like to wish you and your family a Happy New Year,