sonic0boom Posted April 22, 2010 Share Posted April 22, 2010 Does anyone have any experience obtaining a lot loan? I'm looking to purchase a lot with the hopes of building in 3-5 years. I figure that land will only continue to get more expensive (looking in the Heights area), and I would be best off getting the land now rather than waiting for when I'm ready to build. I talked to one broker and the company they work with that handles lot loans requires that the loan be converted to a construction loan or be paid off after 2 years ... no if's, and's, or but's. I'm looking for something more like 5 years (or no such terms like that). It seems that lenders are being more strict with these types of loans, but surely some place is more flexible than a 2 year call. Thanks! Quote Link to comment Share on other sites More sharing options...
Norhill Realty Posted April 22, 2010 Share Posted April 22, 2010 We have a relationship with a lender that does lot loans with a 5 year balloon and we work with buyers in this particular niche. If you would like more info, email me at mbrawley@norhill.net. Quote Link to comment Share on other sites More sharing options...
sonic0boom Posted April 22, 2010 Author Share Posted April 22, 2010 Hey Mark, I'll drop you a line. Quote Link to comment Share on other sites More sharing options...
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