Need Lot Loan financing $18K ASAP

Financing, Hard Money Lenders, Private Money
1

I just put a contract on a lot in NC on a mountain, need land financing
ASAP, intend to build beautiful mountain home to flip. Total for lot is
$18k. Where can I find the funds?

Dan

2

I am assuming that this is raw land and is rural?

3

Close on the land using private funds…you won’t find better than 55% LTV on raw land. You can then go with a one close construction to perm loan with 18K built in equity if you’ve had title to the land for 90 days. Try IndyMac.
Regards,
Dave

4

David,

There are many banks who will go higher than 55% on raw land. Typically the buyers need to look at smaller local banks though. In Mr. Robey’s case he is looking at a developed lot so his LTV can go much higher.

5

Since the loan is very small, your better off setting up an unsecured commercial line for $100K. You can just buy the property outright. emails accepted.