Private Lender needed in Land/Commercial deal in GA

Financing, Hard Money Lenders, Private Money
1

Hello all,

My stepfather and I are currently looking for financing a land/potential commercial lot. Buyer is asking 660k on a 2.5 acre road frontage lot that includes a 3bed/1.5bath brick ranch home in highly developed commercial area. We are looking for a way to purchase lot combining are great credit to finance the purchase. The land is in a highly commercial developed area with acre lots going from 750k to 1million. Problem we are running into is down payment money to put on this deal. Trying to find a way to finance this deal with low down payment. Any suggestions or help would be greatly appreciated.

Thanks

2

mazoo,

Since there is a house on the land already, will it not qualify for regular conventional financing? You could do an 80/20 or a 80/15/5 and then turn around and knock down the house to build what you want. It sounds like most of the value is in the land. Have you decided what you want to build on the land?

3

Yes, try for residential financing first. It will allow for 100% financing, then you can work from there. If you can’t put a down payment, this seems like your best bet.