Vacant Land Lenders?
Has anyone found a lender willing to borrow against vacant residential lots being used as colateral for down payment on properties? Have F & C lots (in various states), looking to borrow against or pledge as assets on potential www.deals.No"takers" found in the chicago area. Also looking 4 lender to loan on these lots- short term.(To provide short term repeat loans)tAny referrals, advise- please PM/email me! Thanks -mark :-?
Did you ask at local title companies - a lot of times they can help. Also, did you check with other types of lenders like Hard money and such?
mr, do you know how to contact np note buyers looking to buy np notes and deeds? IN chicago
Mark, to get a loan on a land - that is a type of deal that a lender would be able to do for you, depending on a selected type of a loan. If that is a land that you already own, then it seems you might be looking for an equity-type of a loan. Depending on a type of a land (i.e. raw, improved, zomed etc.), lenders might be able to advance to you up to 50% of its apraised value, which also depends on your own FICO.
I also understand you wanted to know about trading land for notes. The note is normally created to signify ones responsibility to pay $$$ back to another person and secured by a real estate. As a private person you can create such a note while selling your property OR while loaning $$$ to someone, in both cases securing such a loan by a lian on a RE.
When you sell it - there is no transition of $$$ from you to someone, which would be requested to present at the time of the note sale. But if you advance $$$ to someone and secure it by a RE, then you would have to present prove of $$$ changing hands, among many other docs, before the note can be bought from you.
Also, seller-financed note can be bought from you simultaneously at the RE sale closing (either in full or in part). Although private notes to third parties (not from a RE sale) typically could be reviewed only a few months after $$$ changed hands from note creator to a borrower.
I've noticed you ahd some land listed for sale and I was interested in getting more info about it.
Thanks
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