Results 1 to 8 of 8
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02-12-2019, 01:41 PM #1
Need 1st Pos. Lender for Unimproved, Raw Land in NY. 50% LTV Max Loan Amount Needed
Property is currently approved for subdivision into 55 units.
1st lien amount on property: $240,000 to be paid off (of course)
Property is 149 acres. Borrower also wants to purchase 50 acres next to his.
Who knows a lender who does raw land deals without any of the nonsense?
(Just as long as appraised values come in correct, they'll do the loan.)
I need that lender ASAP, please.Last edited by Fundyman; 02-12-2019 at 04:26 PM.
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02-12-2019, 01:50 PM #2
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
Land is not easy. We have successfully arranged land loan on raw land but they were entitled and zoned for building. 149 acres unlikely unless he has other collateral.
IS the land entitled and zoned for development.? What is the value of the land and how much did he purchase it for?
Most lenders will have lots of questions for land unless you want 25% LTV..
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02-12-2019, 04:07 PM #3
- Join Date
- Aug 2017
- Posts
- 249
I can't imagine anyone taking a second position on raw land.
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02-12-2019, 04:27 PM #4
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02-13-2019, 10:10 AM #5
- Join Date
- Jan 2019
- Posts
- 13
WBL lends on raw land. Feel free to give me a call if you want to discuss.
Kcalderon@wbl.com
212-220-3895
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02-13-2019, 03:12 PM #6
- Join Date
- Aug 2017
- Posts
- 405
Try Patchofland.com
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02-20-2019, 09:54 AM #7
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02-20-2019, 11:27 AM #8
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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