Lot Loan Lenders

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bruening56

40 Posts

Posted - 01/18/2008 : 2:22:32 PM

I have a deal that I am trying to get done. I am having a problem because everyone is wanting to have tax returns. It's with a hard money lender right now and he wants a loan for about a year until he is ready to build and get a construction loan.

Loan amount is $630,000
70% LTV
Stated Income
Lot Only Loan in Utah
(improved lot on a private lane with the rest of the homes finished)
665 mid score
Self-Employed
Borrower has cash in the lot already.

Any ideas??
Thanks in advance!

bruening56

40 Posts

Posted - 01/18/2008 : 8:01:16 PM

No ideas from anyone???

waynepbright

3554 Posts

Posted - 01/18/2008 : 8:17:52 PM

Call up Scott Thomas with Bay Equity and tell him I sent you please - Very Important:

Scott's # 303-501-7101 and tell him I referred you please .. www.bayeq.com

TCLending

52 Posts

Posted - 01/18/2008 : 8:20:57 PM

Try M&I Wholesale Mortgage. They have 100% lot loans available.

Here's my AE's contact information:
Joe Tyler
M&I Wholesale Mortgage
Account Executive
314.625.4666 xcell
Joseph.tyler@micorp.com

TheLoanDoctor

639 Posts

Posted - 01/19/2008 : 8:30:28 PM

Try Vanderbilt Mortgage.

bruening56

40 Posts

Posted - 01/22/2008 : 07:18:03 AM

Thanks guys!! I really appreciate the help.

bruening56

40 Posts

Posted - 01/22/2008 : 09:08:18 AM

Still no luck. Vanderbilt needs to go full doc. Bay Equity doesn't do land only loans and M&I doesn't loan in Utah.

Any other ideas?
Thanks in advance for the help!

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