Hello Bigger Pockets,
To entertain offers for land and flips in the $400K range, I seek a bit of seasoned logic on how to approach lending institutions and builders who might finance. I seek a short plan of action that is recommended.
My credit and net worth is in line with getting a mortgage well beyond the number about (sincere apologies about the boast...not intended to be so). Ideally i would like a lender that will:
1) loan for land acquisition and development
2) loan for purchase and renovation
My question (3 parts):
Part 1: What is the most efficient way to identify lenders in my area (Westchester, NY) for 1 or 2? What exactly constitutes a local lender, would it be the local Wells Fargo brand or the Small Town X Regional Bank Union as examples. Phone books don't really exist anymore, so do I call a library or a local agent-that I would not be using.
Part 2: What is the typical nomenclature for the types of loan 1 and 2 represent? I can research the rest myself...on the forums.
Part 3: There is a paradox, I have to hold a conversation prior to having a deal in hand. Yet I would need the financing on-the-ready if I plan on offering a simulated cash offering. Are there any strategies one would employ? Does this strategy for part 2 include talking to local builders that might finance themselves, if so, how do I approach in a professional manner these individuals.
I would be immensely grateful for any response. Thank you.
@Alex Cotter - Are you looking to develop a plot of land for a single property or a community?
Great website by the way!
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