Land Purchase
I found a land for sale good price 20cents on a dollar .I have hard money lender that will finance 50% appraise value the appraisol is 95k purchase 20k I am tring to get some cash at closing How do I structure the loan to do that .
Any advise greatly appriciated
Not a good idea to over borrow from a HML unless you are specificly using the funds to do something with the deal. The rates that they charge are simply too much to just put any extra "into your pocket." Besides, the majority of HMLs will only finance the purchase and any improvements anyway.
If you are wanting cash out, then after you buy, go to a local mortgage broker/loan officer and try to refinance the property.
Roger
thanks rajwarrior
I am tring to pull some cash to buy another disstresed property first one in progress but not enoug to buy next one I don't want to waste the time and wait for the first one to finish . I talked with some lenders today and you are right they will finance it but no cash out. If I buy it cash now how soon I can refinance it?
and how long that this process take ?
Thanks again 8-)