Posted by Joan on May 30, 2006 at 15:26:01:
We sell land and we have buyers getting up to 90% financing on the land from out of state lenders. Our local lender will only do 75%. But we are also selling home sites in a community with comps in the area being about 30% above our sales price. If you want to e-mail me I can give you info on the lending firm we love to use!
Searching best interest rates for land financing - Posted by RR
Posted by RR on May 25, 2006 at 17:37:59:
Where Should I go for that
Thanks
Where is the Land…? - Posted by JT-IN
Posted by JT-IN on May 25, 2006 at 18:01:41:
You would be best served by starting in your local area, as those Lenders will know the product and value best.
Land only financing is more difficult now than it was 6 months ago or more. It is less about what interest rate you are going to get, and more about what LTV the Lender will go up to. Many Lenders of late have restricted their LTV on raw to not more than 50% of appraisal. Comparitively, if that didn’t work for you and you found a Lender who was 1% higher in rate, but would Lend to 75 or 80% of LTV, that might be a better choice.
It all boils down to what you need, where it is located and lastly, your strenght to borrow; (credit, income, etc.)
JT-IN