I can now help you in getting Lot Loans! Below are some of the highlights.
18 month interest-only balloon
Max loan amount $800,000
Only a land appraisal is required
Stated to 80% with 700 fico (70% with 680 fico)
Full doc to 80% with 660 fico
No reserves on full doc
Builder/owners not permitted
Pricing is as follows:
Prime + 1.00 @ 1.00 cost - Full doc
Prime + 1.50 @ 1.00 cost - Stated income
1.00 cost is credited back to borrower if we do the construction loan!
Note: Land must have utilities. This product is intended for borrowers who are looking to build on the property fairly quickly, and not for borrowers who are looking to purchase land simply as an investment. Please call for lot type specifics (Spot lot, Approved Subdivision/Established Community), and for loan structuring questions.
I appreciate your business, and look forward to speaking with you soon.
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