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How do you finance a lot over $200K and 9 acres?


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Mary Beth's Forum Posts: 37
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By Mary Beth in Dublin, OH on 4/29/2007


Phil (or anyone that cares to give feedback),

We may have found our lot. Looking for ways to help us understand the best strategy for financing. From what I am reading and am understanding about 100% lot loans is that is has to be below a certain amount and/or under a certain acreage. Our lot is going to run about $280K with 9.5 acres. We have a pretty nice equity line available to us, but not enough to cover the whole thing. Can you take a draw from your equity line (mine acts as a credit card approach) and then apply that money to a down payment to another institution for the lot loan?

My husband works for a local bank but I doubt if they would be willing to do any real creative O-B kind of loans. Haven't asked yet...but just a hunch. Any direction on this would be appreciated.

TIA,

Mary Beth


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By P in North, FL on 5/28/2007


Hello Mary Beth,

From what I understand IndyMac will loan on larger plots of land. I think they will do up to 90% LTV.


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By Guy in San Luis Obispo, CA on 6/4/2007


See my posting to Home Equity Finance Plan I posted today.  Aloha, Guy.

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By Adam in Dublin, CA on 6/11/2007


Hello Mary Beth,

Just to start off, I work for IndyMac Bank...so I could be a tad bit biased :).  We offer 90% financing on up to 20 acres and loan amounts up to $400K.  In your case, the best option for you would probably be to write a check from your equity line to provide at least 10% down (20% if you want to improve your rate by about 1%) on your land loan.  This loan is structured to provide short-term financing for a maximum of 5 years.  80% of my business is construction and lot loans... and I would be more than willing to answer any of your questions regarding the financing end.

Adam


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By Mary Beth in Dublin, OH on 8/5/2007


Hi to Adam from Dublin, OH to Dublin, CA!

I would love to go ahead and lock up this land as it hasn't sold yet, but you never know. Is this how I understand it? We would take the $56K for the 20% down payment from our equity line (from which we already have a balance...boo...) and then apply that to a land loan for which we would make payments on, too. So now we have upped our equity line payment and added a land loan payment. I'm just wondering what I would be looking at for a potential monthly outlay? Our equity line is currently prime +1. I know you don't know the exacts on that, but what would the land payments look like?

Thanks,

Mary Beth


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By P in North, FL on 8/6/2007


Mary Beth,

Have you looked into Farm Credit? They offer loans for large lots and rural homes. I don't know if you are in an area they serve, but they may be worth looking into.


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By Chuck in Oak Creek, WI on 1/24/2008


I have a question about construction loans including lot. We are starting to get the ball rolling to try and start building by late spring.

My wife and I have credit scores in the 700's. I am self-employed and have owned this business for three years, it is a sports-theme family hair salon (I own three locations).

We have owned two other homes and one of them was new construction we had a builder do for us out in Northern Virginia. I do have a contractor's license and am experienced -- I don't do any of the work and sub everything out.

We have approx 10% to put down and we are looking at the lot being $125K and building costs approx. $240K for a total of $365K. I do believe it will appraise near $500K when finished.

However, I believe one of our dilemmas is we don't show too much income for the last two years. Reason why, we were waiting for our home to sell in Northern Virginia which took almost a year to sell -- so I didn't work much.

If you can let us know what your requirements are or what options are out there that would be appreciated.

Also if anyone else is in a similar position and can offer some advice, it would be greatly appreciated.

Thanks,

Chuck

 


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