Looking for 500k-1M, willing to put up payed off land thats valued at 2 MM. Looking for payback at 5 year monthly payments. 683 credit. Whats the best place to go with this?
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Looking for 500k-1M, willing to put up payed off land thats valued at 2 MM. Looking for payback at 5 year monthly payments. 683 credit. Whats the best place to go with this?
Land hard money usually 50% LTV. But 2 year interest only loan with balloon. You can submit and request longer term. Also you can renew at the end of 2 years. Investors aren't too interested in land deals. What's the use of funds and do they have the deposits. They will probably require 12 months to 24 months prepay payments taken out of proceeds and put in escrow when it funds...be aware of that. If you want I can package it and submit it. Typically get 3% and split with broker. Oh thought I'd add - it is taking appraisers 1 1/2 months on appraisals. Even if you pay an expedite fee.
If they quality can do a 5 year monthly payment term loan at around 18%+, no collateral, don't have to pay off MCA loans and can fund in a week. I just need loan app, driver's license front and back and 4 months bank statements. Need 680 or better Fico and can prequal in an hour or two. Also need:
1. State of Incorporation
2. Industry
3. Business Inception Date:
4. Current # of Employees
5. Last 12 months Annual Sales? (Minimum $200K)
6. Is this a Home-Based business? (needs to be brick and mortar)
7. Business Phone
2. Does the applicant rent or own their home?
Pays 9 - 10 points
Depending on location of the land we can do it. We fund a lot of land loans. Max 50% LTV
Benjamin Zuniga
Omega Funding LLC
www.omegafund.com
Smaller land loan deal. Try Setanta https://www.setantadc.com/platform
Good group of guys - We've pushed deals with them. Like most pre-dev capital providers, geography and strength of sponsor is most important.