Posted by Ryan on April 15, 2008 at 18:11:45:
Well, that’s unfortunate. I guess we’ll just continue without it until we can save up the 50%. Thanks
Raw land financing - Posted by Ryan
Posted by Ryan on April 13, 2008 at 18:24:39:
I’ve been calling banks and credit unions but I can’t get any ‘standard’ lender to finance the purchase of land where we would someday like to build a vacation home. Does anyone have any ideas or know of someone who doesn’t charge an arm and a leg on land? We make good money, own rental properties, have excellent credit, and are tired of renting vacation homes in this area. It’s time to buy. Any ideas? Thanks
Re: Raw land financing - Posted by Joe Alonso
Posted by Joe Alonso on April 14, 2008 at 19:19:48:
Credit and rental ownership history has nothing to do with collateral. Your collateral (land) is HIGH RISK, therefore requires a different financing mentality.
A default on a loan secured by land is owning a chunk of dirt, and no lender (specially in today’s market) is going to risk this without major investment on your part.
We do land at 50% LTV.
Joe Alonso
Forward Capital
www.fwdcap.com