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eryan2369
779 Posts |
 Posted - 07/25/2008 : 10:57:58 AM
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Ive got a borrower who wants to buy the land next door to his property. Its 5.5 acres and he wants to divide it into 2-3 homesites to eventually re-sell. This is in a great area (not a declining market). This land is wooded but had a mobile home on it previously so it has septic and power.
He has an 810 mid score
An engineer for NASA making six figures with virtually no debt (a $1,700 mo house note and a credit card with $60 mo payment are the only debts on credit with balances); so he should DTI low.
Great reserves
can go as much as 20% down if neccessary
Loan ammount will be approximately $35k per acre X 5.5 acres = $192,500
Property in AL. |
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eryan2369
779 Posts |
Posted - 07/25/2008 : 1:08:57 PM
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| Bump...come on folks, certainly we are not so far out of whack in lending that someone with an 810 fico, 20% down and very little debt cant buy some friggin land?! |
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monarchdad
1811 Posts |
Posted - 07/25/2008 : 1:27:01 PM
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| 80% is too high of an LTV for land. |
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eryan2369
779 Posts |
Posted - 07/25/2008 : 1:30:30 PM
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quote:
Originally posted by monarchdad
80% is too high of an LTV for land.
Seriously?!...in an appreciating market? And its not rural btw. |
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Loan_doctor
48 Posts |
Posted - 07/26/2008 : 08:22:37 AM
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We would like to hear more about this. Call us ASAP!
Thank You,
Mark A. Roberts
General Partner
Small Business Capital, LLC
(517) 853-0505 Office
(517) 775-6555 Cell
(269) 216-4626 Fax
www.smallbcapital.com Web
smallbcapital@yahoo.com Email |
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eryan2369
779 Posts |
Posted - 07/26/2008 : 5:11:42 PM
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quote:
Originally posted by Loan_doctor
We would like to hear more about this. Call us ASAP!
Thank You,
Mark A. Roberts
General Partner
Small Business Capital, LLC
(517) 853-0505 Office
(517) 775-6555 Cell
(269) 216-4626 Fax
www.smallbcapital.com Web
smallbcapital@yahoo.com Email
This is a quote from the homepage of your website..."Small Business Capital has partnered with a select group of lenders"...
Also, you are listed as a mortgage agent, not a wholesale lender. You need to clarify your position and your business, because no one is going to send their files to you when you appear to be another broker attempting to "shark" deals. |
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eryan2369
779 Posts |
Posted - 07/27/2008 : 5:25:32 PM
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| bump |
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AGreene00
2820 Posts |
Posted - 07/27/2008 : 7:35:50 PM
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| Have you tried Farm Credit Services or SunTrust Bank? Those might be 2 other options for you. |
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