Need Help Land Loan

macp · #1 (**permalink**) 12-21-2005, 07:47 PM

I've never done a land loan before, but I got a pretty deal, and would like some suggestions. The borrower has 15 properties and a 680 fico and its in Washington. He owns 1 piece of land free & clear valued at 1.5 million. He wants to refi and take 200k out to purchase another piece of land which is 3.5 acres valued at 2 million but, will buy it for 1.3 million. He wants to go No Doc. Please suggest some lenders you may have worked with who does land for investors going No Doc already owning 15 properties.
Thanks

Greg · #2 (**permalink**) 12-22-2005, 07:47 AM

Sounds more like a Commercial situation Mac. I have yet to find a land loan refinance.

Local banks may do it though.

jleach1972 · #3 (**permalink**) 12-22-2005, 09:19 AM

Dumont Land Finance does c/o and refi's at 60% ltv in several states. But they cap the value at $5,000 per acre, and it can't be for speculative purposes.

Loan Wolf · #4 (**permalink**) 12-22-2005, 09:51 AM

I agree this sounds like a commercial deal. Good luck maybe you can get a referral fee from acommercial lender unless your company does commercial loans