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dwmordue
390 Posts |
 Posted - 07/22/2008 : 3:14:10 PM
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Anyone know who's still offering land / lot loans.
Need a $300k r/t refi on a $500k lot. Borrower has owned it for 2 years.
Full Doc, well qualified borrower. Can't seem to find lot loans above $250k right now.
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michael@skymtg.c
29 Posts |
Posted - 07/22/2008 : 3:16:54 PM
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Maybe SunTrust or M&T? I dont think First Horizon will anymore and obviously IMB is out. Might try Seattle Funding Group.
M |
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dwmordue
390 Posts |
Posted - 07/22/2008 : 3:19:08 PM
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THanks, Michael. I'll check with SunTrust first, since I'm already set up with them.
Forgot all about M&T because they really have no presence out west.
Seattle Funding Group would basically be hard money, so they're a last resort. |
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dwmordue
390 Posts |
Posted - 07/22/2008 : 3:35:11 PM
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| Someone recommended National Bank of Arizona. Anyone have any experience with them? Rep is on vacay until 07/28 with no one to cover for her, so I've got a few days. |
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michael@skymtg.c
29 Posts |
Posted - 07/22/2008 : 3:42:13 PM
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I have never worked with them. I have heard of them, but dont recall anything specific, good or bad.
M |
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dwmordue
390 Posts |
Posted - 07/22/2008 : 3:44:34 PM
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| Also, Sun Trust doesn't have a lot program any more from looking at their rate/program sheets from today. |
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michael@skymtg.c
29 Posts |
Posted - 07/22/2008 : 3:47:36 PM
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According to M&T's rate sheet, they do lot loans. Product 90572
M |
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dwmordue
390 Posts |
Posted - 07/22/2008 : 3:49:24 PM
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| can you do me a solid and fwd the ratesheet to me? I have no contacts at M&T. |
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dwmordue
390 Posts |
Posted - 07/22/2008 : 4:10:51 PM
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| Thanks for your help, Michael. M&T does look like they might be a good fit. They don't show their guidelines on lot loans, so I'll have to track down the rep for clarification. |
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michael@skymtg.c
29 Posts |
Posted - 07/22/2008 : 4:15:42 PM
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You are welcome. :-)
M |
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liverichly
3653 Posts |
Posted - 07/22/2008 : 4:40:38 PM
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David Mordue you need to set yourself up with Washington Federal Savings Bank. Here are their lot loan guidelines:
Loan Type: Purchase only
Loan Term: 24 month term, interest-only.
Prepayment Charge: None
Maximum Loan Amount: $350,000
Maximum LTV: 75% of purchase price or appraised value, whichever is less.
Secondary financing allowed up to 75% CLTV.
Property Type: 10 acres or less, single family zoning. No leased land.
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liverichly
3653 Posts |
Posted - 07/22/2008 : 4:41:19 PM
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They also have a 20-year term:
Loan Type: Purchase
Refinances will be considered case-by-case. No cashback allowed.
Loan Term: 20 years, fully amortized.
Prepayment Charge: None
Balloon Payment: None
Maximum Loan Amount: $350,000
Maximum LTV: Purchase: 75% of purchase price or appraised value, whichever is less.
Refinance: 75% of appraised value unless owned for less than 1 year, in which case use 75% of the original purchase price or the current appraised value, whichever is less.
Secondary financing is allowed up to 75% CLTV
Property Type: 10 acres or less, Single-Family zoning.
More than 10 acres will be considered case by case in areas where it is considered typical |
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michael@skymtg.c
29 Posts |
Posted - 07/22/2008 : 4:44:54 PM
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WAFED is good if you dont mind difficult UWing and 3 week turn times. :-)
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nowbroker
1058 Posts |
Posted - 07/22/2008 : 5:44:42 PM
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| Wa Fed and most lot lenders do not do refinances. |
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dwmordue
390 Posts |
Posted - 07/23/2008 : 1:49:59 PM
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I am set up with WAFED, but again, unfortunately they stopped doin refis on lot loans earlier this year. They are only doing the purchase loans, and those loans are for 24 months because they expect you to get a construction loan.
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dwmordue
390 Posts |
Posted - 07/24/2008 : 1:48:30 PM
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Ok, finally talked with M&T, they only do purchases, not refis. They have great rates for purchases, though (7.625 for a 30/3)
Any other suggestions. SunTrust was a no go, as well. |
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