Small Land Loan Under $100K @ 50% LTV - Borrower w/ Crappy Credit
Need a Funder or Vendor? START HERE

Results 1 to 4 of 4
  1. #1
    Senior Member Reputation points: 20465 Fundyman's Avatar
    Join Date
    Dec 2013
    Posts
    713

    Small Land Loan Under $100K @ 50% LTV - Borrower w/ Crappy Credit

    Which lenders can do it? The property is in CO
    FICO is low to mid 500s.
    Property Free & Clear

    Please PM, text, email me direct (those of you who have my email)

    Thanks

  2. #2
    Senior Member Reputation points: 226631
    Join Date
    Feb 2017
    Posts
    3,411

    On these files I just say "sorry, can't do it" and walk away. The amount of effort that goes into these things is not worth the ROI. The correct answer is: nobody.

  3. #3
    Senior Member Reputation points: 72961 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,258

    What's the use of funds?

    I have one guy who might consider it.

    Send me address, Fico, zoning, use of funds.

    And exit strategy.

    And can they cross collateralize.

    If anyone can do it, it's a courtesy deal by them.

    Would have to be $100K at 50% LTV which would be $200K value

    Anything less than that then what Micah said..."pass".
    Last edited by Olderguy; 08-02-2023 at 11:42 AM.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  4. #4
    Senior Member Reputation points: 20465 Fundyman's Avatar
    Join Date
    Dec 2013
    Posts
    713

    Quote Originally Posted by Olderguy View Post
    What's the use of funds?

    I have one guy who might consider it.

    Send me address, Fico, zoning, use of funds.

    And exit strategy.

    And can they cross collateralize.

    If anyone can do it, it's a courtesy deal by them.

    Would have to be $100K at 50% LTV which would be $200K value

    Anything less than that then what Micah said..."pass".
    This one is most likely shot. I know a lender that can do it already, but they take forever. It's also a very small deal, just $60K. Hardly worth it..

Similar Threads

  1. bridge loan needed 3.5 for land and development of land.
    By makessensethendoit in forum Business Loans
    Replies: 3
    Last Post: 01-14-2022, 01:18 PM
  2. Replies: 5
    Last Post: 11-04-2019, 12:43 PM
  3. Small land deals. Average to poor credit
    By tbrown in forum Deal Bin
    Replies: 8
    Last Post: 10-02-2015, 10:38 AM
  4. Replies: 1
    Last Post: 09-24-2015, 09:44 PM
  5. small business borrower's bill of rights
    By fisheMS in forum All Other Lending
    Replies: 0
    Last Post: 08-11-2015, 11:40 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Fintech Nexus is shutting down
Fed penalizes Evolve Bank
Cloudsquare unveils Cloudsquare Lend


DIRECTORY