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atalamantes3
2 Posts |
 Posted - 07/25/2008 : 3:41:58 PM
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Can anyone point me to a lender that can do a single loan to purchase land and construction? Land is 500K and estimated construction costs are $290,000. He has $130,000 cash.
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fasterdamitt
61 Posts |
Posted - 07/25/2008 : 4:14:39 PM
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| Full doc or stated? |
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atalamantes3
2 Posts |
Posted - 07/25/2008 : 4:25:39 PM
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| Full Doc, Self Employed with a 690 fico |
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fasterdamitt
61 Posts |
Posted - 07/25/2008 : 4:35:43 PM
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Try
Fullerton Community Bank svollmer@fullertoncb.com
Capital Equity gocapitalequity@aol.com
Eastern Savings Bank KTurner@easternsavingsbank.com; |
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monarchdad
1811 Posts |
Posted - 07/25/2008 : 4:48:29 PM
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| That one will be very tough - not enough into the deal from your borrower. |
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aaron1976
631 Posts |
Posted - 07/27/2008 : 12:30:02 AM
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| Below a 720 Fico, you will restricted to private money and you will need a minimum of 40% of the acquisition of the land and probably a maximum of 80% LTC and not to exceed 60-65% of the ARV. |
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timjarvis
122 Posts |
Posted - 07/28/2008 : 10:26:49 AM
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| Though I had 6 lenders 15 months ago lending off the future appraised value, I have 0 today. In addition, it appears that MI companies have stopped doing construction loans in California. That knocks the 85% to $650K based on costs down to 80% of costs. Costs are $800K on your deal, so they need $160K and reserves. If you had that, Prime minus .5% at .5 to you on a single close construction loan. Worst case cap on the permanent financing around 7.125% on 5/1 ARM with free float down. FD only. Tim Jarvis 800-846-2771. www-e-constructionloans.com |
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