| Author |
Previous Topic | Next Topic |
|
mdavis
30 Posts |
 Posted - 08/27/2008 : 09:44:48 AM
|
I have a client in need of purchase or refinance money for 33 acres miles from Green Bay Wisconsin. I need help with structuring the loan to work.
The ownership is currently with the LLC which is spliting up. One of the partners wants to buy out the others. One day title seasoning with a quit claim deed for refinance or no tile seasoning for refinance.
The acreage is currently valued at $5- 8k per acre with a home that needs to be renovated as it was built in the 50's at $35k giving it a value of approximately $220k.
The payoff is $190k after all closing cost and payoffs are made.
I have been in contact with the appraiser and due to the nature of the home, the home will not value for much but there is significant value in the land.
The land is minutes from Green Bay and if the 33 acres were to be subdivided they would go for roughly $40 to $50k per acre as per the appraiser. We have a proposed plat of subdivided land to inclued 28 parcels wich if sold off would value over $1 million.
The question I have is how can we go about financing this transaction as it is mostly land that would be considered of value using existing equity from the 33 acres and home to payoff the existing lien and closing cost as a refinance without the borrower being required to make a downpayment?
Who can finance on this scenario and what are the best rate and terms? The borrower will consider 3 and 5 year balloons amortized over 30 years.
Let me know!!
Thank you |
|
mdavis
30 Posts |
Posted - 08/27/2008 : 09:48:00 AM
|
| Looking for answers as soon as possible |
|
|
mdavis
30 Posts |
Posted - 08/27/2008 : 3:35:00 PM
|
Please respond for any lender having land loans. Current Lender is unwilling to renew the balloon payment.
Looking for lender that will help in the refinance of 33 acres @Green Bay Wisconsin.
|
|
|
privatecash
1755 Posts |
Posted - 08/27/2008 : 3:46:57 PM
|
| Try a credit union in Green Bay. Some are still doing land loans. |
|
|
assassin17
4155 Posts |
Posted - 08/27/2008 : 4:27:28 PM
|
| 40k per acre for empty land in Wisconsin??? |
|
|
mdavis
30 Posts |
Posted - 08/27/2008 : 4:27:50 PM
|
| Will the Credit Unions allow brokered or warehouse loans, or would I need to establish a fee agreement with the client to be paid outside the transaction? |
|
|
sstrok
47 Posts |
Posted - 08/27/2008 : 4:40:25 PM
|
| TRY VANDERBILT 888 754 6821 |
|
|
mdavis
30 Posts |
Posted - 08/28/2008 : 04:58:27 AM
|
As per the appraiser and the proposed plot plan and recent sales for single acreage, it came in between $40 to $50 per acre as the lamd is in close proximity of Green Bay and a highly desireable area.
I am looking for a lender who will refinance the existing loan of $190k on this deal. It can be a balloon, we just need an option!!
Does anyone know which lender rate and term refinance on land loans that currently are about to balloon? |
|
|
jillstatz
657 Posts |
Posted - 08/28/2008 : 06:51:02 AM
|
| what is the land zoned at this time residential/ag/commercial??? |
|
|
mdavis
30 Posts |
Posted - 08/28/2008 : 07:29:05 AM
|
Vanderbilt does not do Wisconsin.
The skinny on this deal is that one of the partners wants to buy out the loan from the LLC. The LLC currently has a balloon that has come due and we need to find a lender that will back the refinance of the balloon and place the property in the partners name only. While giving equity credit as the partner has ownership interest in the property.
The property as is appraises around $220k as per appraiser, and with the plotted planned developement of the 28 lots, they would value at $40 to $50 per lot as per appraiser and recent sales of plotted lots over raw land. The payoff for the balloon is about $180 plus the costs to close.
The property is zoned Residential 1 acre Agriculture 10 acres and 22 acres unimproved.
|
|
|
brandie
3260 Posts |
Posted - 08/28/2008 : 07:32:30 AM
|
| I see that you are based out of FL. Do you hold a license for the state of WI? |
|
|
mdavis
30 Posts |
Posted - 08/28/2008 : 07:38:20 AM
|
| Yes I am licensed in most every state we are a direct lender Gateway Funding and can do brokered, wharehouse and table funded loans. |
|
|
mdavis
30 Posts |
Posted - 08/28/2008 : 08:23:21 AM
|
| I still have not been able to locate a lender to do this?? Any suggestions? |
|
|
mattco
2 Posts |
Posted - 08/28/2008 : 08:38:11 AM
|
| Greenstone Farm Credit will do this loan. Call Cori at 231-775-1361 and she will take care of you. They are great. |
|
|
DrewMI
204 Posts |
Posted - 08/28/2008 : 08:51:28 AM
|
| I can also do this deal but with land loans we do not allow Wholesale brokers in WI, if you need to completed and don't care about making money send me an e-mail drew.mckinney@micorp.com. This can not be zoned commerical. |
|
|
mdavis
30 Posts |
Posted - 08/28/2008 : 10:19:13 AM
|
Greestone says they are interested, I will let you know if this can be done thru them.
Thank you, |
|
|
mattco
2 Posts |
Posted - 08/29/2008 : 12:46:07 PM
|
atta boy !!!! go get em and tell Cori that Matt says hello.
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
