Results 1 to 3 of 3
-
02-22-2024, 07:34 PM #1
- Join Date
- May 2020
- Posts
- 54
Client needs a hard money loan or a no doc loan
I have a client who needs a hard money loan or no doc loan to purchase land to build a subdivision.
The land is shovel ready and all infrastructure is complete
The value of the land is $1.5M
The purchase price is $400,000
They're looking for a loan in the amount of $300,000
They will pay it back in 90-120 days
They have $205,000 sitting in escrow
Each home will cost between $250,000 and $265,000 to build and will sell between $550,000 and $650,000.
The escrow company will be able to close within 2 days after the lender's funds are deposited into escrow. Again, the subdivision is completely shovel ready.
After the homes are built the property will be worth $20M
The credit score is between 780-800
Need to close ASAP
-
02-22-2024, 07:56 PM #2
Land purchasing is typically 50% Loan to Value. You are looking for 75% LTV which isn't likely on land.
financing would be based on purchase price, not value.
One thing I have seen - is have the seller raise the purchase price to get the financing to be 50% of it....and you can figure out the rest.
However, put the package together for horizontal and vertical and you might get financing for both.
Do you have permits, entitlements, final map, final plan?
I could probaby find a lender to do both together.Last edited by Olderguy; 02-22-2024 at 08:00 PM.
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.
-
02-22-2024, 10:12 PM #3
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
State? We just closed a 4M land loan 7 days. This 300k land loan is in the small end but may consider the loan amount and LTV depending on location
Ben Zuniga
Bzuniga@omegafund.com
Similar Threads
-
Hard Money Loan
By skideeppow in forum Deal BinReplies: 2Last Post: 06-06-2019, 09:28 AM -
Looking for Hard Money Loan
By skideeppow in forum Deal BinReplies: 6Last Post: 09-20-2018, 05:41 PM -
Hard Money RE Loan
By dpFund in forum Deal BinReplies: 5Last Post: 10-13-2016, 11:50 AM -
New to me - Client wants hard money loan and seeking one out. But some questions....
By bostriba in forum All Other LendingReplies: 1Last Post: 10-13-2014, 03:11 PM -
Hard Money Biz Loan
By 1StopFunding in forum Business LoansReplies: 1Last Post: 03-30-2014, 08:29 PM