VACANT LAND
Our Lot loan program is one of our more popular products.
These land loans are designed as purchase money loans for those borrowers who aren’t ready to begin construction at this time, and as such are not ready to obtain a construction loan, but will be ready in the near future.
The lot must be normal for the area and at least one utility must be available from the street. (Septic tanks, propane tanks, are acceptable if these features are normal for the neighborhood.)
Just like in we can fund this loan both as a Full or Alternate Doc and as a Reduced Doc (Stated income) loan.
We will lend on parcels up to 50 acres at the following LTVs: 0-20- The above guidelines apply.
20.01 – 30 –75% LTV maximum
30.01 – 40- 70% LTV maximum
40.01 – 50 – 65% LTV maximum
We do not currently offer a refinance option on lot loans so pick the term that best fits your needs. In fact most lenders do not offer a refinance option and it goes without saying that if you don’t choose the loan carefully you will end up having to refinance using a very expensive loan or rush into a construction loan.
