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LAND LOAN PROGRAM
LAND
LOAN PROGRAM
Updated August 23,
2010
To
apply online for this loan click
here.
| Property
Types |
Raw
or Vacant Land |
Loan
Amount |
$250,000
- $10,000,000
(will go as low as $25k in Philadelphia Metro
Market) |
| Lending
Area |
Nationwide (All states except VT, LA, HI, AK,
or DC) |
| Max
Loan-To-Value |
30% |
Origination
Fee |
8
- 10 points |
Interest
Rate |
16
- 18% per annum |
FICO
Requirement |
NONE |
Income
Requirements |
NONE |
Documentation |
Full-Doc |
Length
of Term |
12
- 24 months |
Payments |
Negotiable |
Property
Condition |
N/A |
Appraisal
Fee |
$350
- $5500 |
| Upfront
Fees |
Lender
Site Visit Fee, Legal Fees, Credit Report,
Appraisal/BPO, Inspections, Prelim Title work |
Inspections/Draws |
N/A |
| Owner-Occupied
OK |
N/A |
Loan
Position |
1st
Position ONLY |
Termite
Required |
N/A |
| U
& O Required |
N/A |
| Escrow
Required |
Depends
on deal |
| Title
Policy |
Must
have clean title at time of purchase |
| Refinance
Option |
YES |
Prepayment
Penalty |
3
- 6 months |
| Funding
Time |
Within
72 hours of signed 'Loan Commitment' |
| Requirements |
Must
have viable Exit Strategy
Property must have strong recent comps
IRS liens must be paid from loan proceeds
No unpaid child support or alimony
No unresolved mechanical liens
No unresolved judgments over $2,000
No Bankruptcy in last 36 months
No Foreclosures in last 36 months |
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