Refinance or Line of Credit? - Posted by Ryan

Posted by Ryan on July 21, 2009 at 12:18:27:

Thank you for the information. The land does have water, sewer, electric, and phone service. I will take your advice.

Refinance or Line of Credit? - Posted by Ryan

Posted by Ryan on July 20, 2009 at 17:59:14:

I am an investor looking to grab some equity out of a piece of property by means of a refinance or a line of credit. I need information on lenders/brokers in relation to terms and rates dealing in the Pennsylvania area.

The property is a 50+ acre wooded parcel with a mobile home. Mobile home is not currently habitable. Parcel appraised at 284K in May of 2008 and has a current mortgage of 209k. Score of 730+ with good investment history/background. Looking for insight or potential lender information. If LTV does not meet requirements for a refinance then I would like information on a line of credit.

Re: Refinance or Line of Credit? - Posted by christopher w

Posted by christopher w on July 21, 2009 at 10:43:25:

Talk to local banks in your area. The size of the land is too large for conventional financing. Also, the manufactured home has no value and I would not even take that into consideration. Does the land have utilities? If so then it will be considered developed. If not then it is raw land and you will find it very difficult to get higher than 50% LTV. hope this helps.