Private Lenders For Vacant Land???
Just wondering if there are any accessible hard money lenders for vacant land similar to those who loan for houses and other investments. I have a contract on a piece of property, but need to act quickly. I don't feel that going to the bank will be my best option. Any advice is greatly appreciated.
Thanks!
Brad
Post a setup and list all variables and post back to me. I got a guy just retiring from the Agency wants to live near by and wants a house built by himself. He has horrible taste, too much time overseas in the worst places. Advise.
Lucius
Expect very low LTV's on raw, undeveloped, non-income producing land from HML's. That said, most HML's will lend on raw land if you have a good solid plan in place and a bit of experience. How many HML's have you talked to??? Start talking, and if one doesn't want to do the deal, ask him if he knows another HML who would do the deal.
Good luck.
one more thing....
Look for flexible sellers. Raw land doesn't always fly off the market. Most sellers of raw land know this. Take over thier mortgage (if their is one), cover the expenses, secure the land, and get them their money later.