Looking for a land loan? Soft costs? Build able Lots

Most lenders offer 25ltv for raw land which is not so great. But for build able lots most offer 50-60ltv with the average being around 50ltv

Here are basic questions for land loan/construction

 

1. When did you acquire the property ?
2. What entity took title ?
3. How much did you pay ?
4. What is Parcel # ? We need information to find property online.
5. Do you have closing statement from purchase ?
6. Cost breakdown of improvements ?
7. Is the property free and clear ? If not we need mortgage information on current financing.
8. Current Entitlements ?
9. PFS

 

Refinance

 

1. What is the address of the property

                   2. Who is our Borrower/Borrowing Entity ?

                   3. When did they purchase the property?

                   4. How much did they purchase the property for ?  Are the acquisition parameters easily available online ?

                   5. Please attach appraisal or internet link to subject property for review ( Zillow, Trulia, Redfin, Loopnet, Local Public records et

 

Purchase

1. What is the address of the property
2. Who is our Borrower/Borrowing Entity ?
3. Purchase Contract ?
4. PFS or Application ? Does it show that our borrower will have the liquidity to be able to buy this property ?
5. Please attach appraisal or internet link to subject property for review ( Zillow, Trulia, Redfin, Loopnet, Local Public records etc

 

If you are interested in a 10-11% land loan for 12-18 month please email me at mark@commercialmortgageunlimited.com or call me direct

at (201-925-3470)

Thanks

Mark Fulop ( Owner)