I need Hard Money for 60% on Lots (true Hard money is 55% or so) in Texas

Financing, Hard Money Lenders, Private Money
1

Can anyone do hard money on lots - only need 60%.

They are located in www.hollowslaketravis.com area. We are picking them up for $63,000 from Centex because year end for them and they are selling the same units in Sept for $85,000 because price increases.

2

steiner,

63K is 74% of 85K. Are you planning on putting money down to get to the 60%? If not then your numbers are askew. 60% of 85K is 51K. Most hard money lenders are not going to lend on land alone. Local banks will give you 85-90% LTV as long as you are a decent credit risk. Hope this helps.

3

I am only aware of one hard money loan program that allows for lending on either unimproved land or a residential lot in TX, but the max. LTV allowed is 50%.

You are better off going conventional (if you can qualify) because as Christopher has indicated, the potential for a higher LTV allowance exists.

Regards,

Scott Miller

4

50 to 55%LTV on raw land. 65%LTV on entitled land.