Need raw land bridge financing

[Spencer Elliott]

Hey all!

I’m under contract and signing is complete on raw land in Lake Stevens. My lender decided last minute to not accept my RSUs as compensation and left me hanging. I’m looking for financing for the land purchase. It would be quick as I’m already approved for the construction loan. Need help! Closing date is 3/17. Happy to provide specifics on the deal! 

[Marty Johnston]

@Spencer Elliott can you provide some details on the deal? Purchase price, LTV required, terms of the takeout construction loan, etc. Someone to close that fast will need to be PML or low-leverage hard money lender in most cases. Otherwise if you qualify unsecured financing may be a good option for you as well. Funding in 1-2 weeks easily, no appraisal or up front costs, and no prepayment penalties or minimum interest so pay it off with the construction loan any time.

[Kyle Wells]

Did you find a solution? 

[Spencer Elliott]

Quote from @Kyle Wells:

Did you find a solution? 

I was able to find a cosigner sand now own the land. That’s all good, but unfortunately the underlying problem still exists. The bank won’t give me enough to fund the full build due to the RSU issue. Still in the market for a construction loan that will not require co-signing.

[Chris Seveney]

@Spencer Elliott

Your first post you said you were approved for construction loan, did that get canceled?

What is the amount you are looking for and how much down you putting into the deal?

[Spencer Elliott]

The original approval was for 500k back when my income was much lower (direct message me for details). Nothing was cancelled and am still able to qualify for 500k but if my RSUs and additional income factored in, I would qualify for much more. That 500k was on an all-in-one loan where the land was collateral. I put 25% down on the 169k purchase.