I have a land owner that would like to get a cash out refinance. I have never done a raw land loan before so I am posting here for direction on who can do this type of funding?

The land is located in Kennewick, Wa. It was purchased with cash in 2001. Approximate value is $1.45M. The owner would like to get a refinance for $400K to use as down payment on additional investment properties in that part of Washington. Borrower has good credit although it probably will not make a difference on an equity driven land loan.

Can you all tell me who can finance a loan like this?

Teri Simmons

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Message me. I did a land refi last fall. Lender goes to 45% for cash refinances.

What is the profile of the borrower, experience and credit? What is the land currently zoned as? From my experience in doing raw land tops may be 40 to 45% cash out. Good luck!

This land owner owns land all over Kennewick and Pasco, Wa. About $8.2M owned with no liens. I have not asked about credit since this is a land loan request with a low loan to value but he has stated it is "perfect". He is not going to be developing any time soon and will likely sell in the next couple of years. He has an 8 figure net worth and has been making payments for many years without the land producing income. This person owns a good percentage of the multifamily properties in both of these cities and states his net worth to be over $30 million. He just wants to use the cash out as down payment on another multifamily in Pasco, Wa. There are two small off market apartment buildings in the Pasco area that he is interested in using this cash out as a down payment for. He already owns over 300 units in Pasco and over 700 units in Kennewick.

He called his bank and was told he could get a line of credit but the rates were very high and he would like to take the loan out against a real estate security to write off interest, which likely would not be possible on a signature line of credit.

What are his expectations for rate and points? Given what you have stated he may be sensitive to that. Happy to help.

Lowest rate possible since he will often holds his land for long periods of time. We never discussed points.

We may be able to help. When are you available for a chat?

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Regarding this inquiry: I have a land owner that would like to get a cash out refinance.

I represent a west coast  REIT that would be interested in this scenario.

David Kindopp

hardloans@yahoo.com

916-507-9923

Regarding this inquiry: I have a land owner that would like to get a cash out refinance.

I represent a west coast  REIT that would be interested in this scenario.

David Kindopp

hardloans@yahoo.com

916-507-9923

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Thanks

Teri.

Did you get this land loan funded?

David (West coast)

hardloans@yahoo.com

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