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Alvin Mercer
Pro Member
  • Marietta, GA
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Refinance Land 20% LTV

Alvin Mercer
Pro Member
  • Marietta, GA
Posted Jun 3 2020, 07:20

Anyone know of a lender who'd refinance land.  I'd like to lower the note payment.  I owe less than 20% of the value.

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Andrea Weule
  • Investor
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Andrea Weule
  • Investor
Replied Jun 3 2020, 07:35

I would definitely go to small local bank or credit union in the area (any on that has less that 3 branches).  Of the big banks, I'd check with US Bank as they seem to be the most investor friendly of the banks.  

Best of Success!

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Ryan Fox
  • Attorney
  • NV and CA
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Ryan Fox
  • Attorney
  • NV and CA
Replied Jun 7 2020, 05:43

@Alvin Mercer- Agree with Ms. Weuhle above. 

Just out of curiosity, what do you plan to do with the land?

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Lien Vuong
  • Real Estate Agent
  • Boston, MA
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied Jun 7 2020, 06:05

Depending on price you might be able to get a personal loan and use those funds to purchase the land. Alternatively you can do a construction loan with land acquisition. 

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Alvin Mercer
Pro Member
  • Marietta, GA
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26
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Alvin Mercer
Pro Member
  • Marietta, GA
Replied Jul 23 2020, 13:30

@ Ryan Fox  I'm looking to either a) Put a truck parking lot on a portion of the land to generate some income or  b) Lease the land to someone else with bright ideas,  Land is zoned industrial.