Updated about 8 years ago on . Most recent reply
Financing Adjacent Land: seeking way to finance forced expansion
As discussed in my "How to sub divide vacant land? steps and suggestions" forum post, I have recently been placed in the situation where I have to buy a small parcel of land to the rear of a rental property of mine (as opposed to pursuing a prescriptive easement through the judicial system). What are my financing options?
The property was originally purchased with a VA loan (0% down). After renovating and appreciation of the area the loan to value ratio is down to about 60%. I would like to refinance into a conventional mortgage that includes the cost of this new parcel. This would bring the LTV up to 67%. Is this feasible?
The property is located in the South Sound/ Tacoma WA area and I would love any finance/ mortgage officer recommendations or alternative courses of action.
Thank you!