I have a question about getting a loan off my land?
Looking to get information on companies that do land loans. Have 22 acres in Colorado that is valued at $4.2M. Have a contract for sale with settlement 12 months out. All cash offer. Looking to borrow against the land until sold. Looking for roughly $1.5M to $2M. 19.2 of the 22 acres is buildable. Interested in seeing what is out there. thanks. by ohiofarmersrock from Lorain, Ohio. Nov 30th 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
Good luck on this one. Commercial lenders that do raw land are few and far between. They would still be looking for verification that the loan will be paid back. This would mean income and debt qualifying. A contract for sale is not a guarantee that the sale will happen so that issue means very little to an underwriter. Typically raw land can get you 50% ltv if you can qualify. If you would like me to work further on this with my sources please e-mail. It would require you to provide more details about the sale. lharvey@advisorsmortgage.com
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