Vacant Land Lenders?

Comments(3)

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  linlin18th November, 2004

  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?

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  astcptlmgmnt22nd November, 2004

  mr, do you know how to contact np note buyers looking to buy np notes and deeds? IN chicago

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  RealCapital4th January, 2005

  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
  [addsig]