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swtrnsassy1
59 Posts |
 Posted - 08/08/2008 : 4:43:09 PM
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DOES ANYONE KNOW WHAT LENDERS ARE STILL DOING LOT LOANS AND WHAT LTV?
ON A PURCHASE. |
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aaron1976
631 Posts |
Posted - 08/08/2008 : 7:52:01 PM
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| 50% LTV, and on very rare occasions 60% max. Only hard money for land right now. |
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lenderben
1081 Posts |
Posted - 08/10/2008 : 12:54:38 PM
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I agree with Aaron, 50% LTV is the max we do on land.
Hard money.
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homebroker@sbcgl
3535 Posts |
Posted - 08/10/2008 : 11:17:37 PM
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| So much for Indy Mac old 10% down stated programs. |
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peter
4617 Posts |
Posted - 08/11/2008 : 12:03:15 AM
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Ben, I went into your company website and it says that
the amortization is interest only with no prepayment penalty.
I do have customers who own improved land as well as
raw land in Los Angeles County. Wonder if your company is
lending on raw land, or restricted to improved land parcels.
Please advise.
Peter |
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lenderben
1081 Posts |
Posted - 08/11/2008 : 10:17:05 AM
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Peter, we just recently stopped lending on raw land, unless the exit strategy and/or borrower is very strong. We are still looking at land deals, where there are lots ready to be sold.
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