Posted by Shaun on March 22, 2006 at 22:13:11:
What loan amounts are you looking at?
Vacant Land Loans - Posted by bmeesh
Posted by bmeesh on March 22, 2006 at 20:13:18:
Would like some advice on financing vacant land in Florida, Georgia, and SC. I would have to go stated. Thanks
Re: Vacant Land Loans - Posted by esligh
Posted by esligh on March 26, 2006 at 22:15:31:
I just bought a lot on stated income for 90% LTV through a bank. It is in a residential development with nice houses and I will have to build within 3 years or refinance. If you are going for raw land that may be a different story, especially going stated. It really just depends on the lender.
Re: Vacant Land Loans - Posted by John Corey
Posted by John Corey on March 23, 2006 at 07:38:06:
Assume few lenders will be interested. Accept that the LTV will be lower (maybe no more than 50%) and that the costs are likely to be higher. Part of the reason for all of this is the added risk associated with raw land. Also some costs are not proportional to the loan size. Most land loans are smaller compared to similar loans if there were improvements.
Are there any immediate plans for development? That can make a difference to some lenders.
John Corey