Land Refinance?

[Teri Simmons]

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

[Evan Thomas]

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

[Chad Davis]

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!

[Teri Simmons]

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.

[Chad Davis]

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

[Teri Simmons]

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

[jim flynn]

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

[WKL David]

When The Big Banks Can't Help, We Can!
Incredibly Fast Gig-Worker Funding, Small Business Capital, Customer Finance, And Payment Processing

https://davidallencapital.com/?refcode=102714544&u=102714544

Business funding has never been easier. Let's get started!

Step 1 - Apply
Complete our simple application. You will be done in minutes.
Step 2 - Link Bank Or Upload Statements
Depending on funding type and amount - you will be approved simply by verifying and linking your bank account - or by uploading your bank statements.
Step 3 - Receive Offer and Get Funded
With most funding, you will receive an instant offer on screen. With larger funding and Lines of Credit- you will receive an offer via email within one hour to one business day.

Quick Funding up to $2M!
https://davidallencapital.com/?refcode=102714544&u=102714544
( Funding for USA project clients ONLY below US2M Online Direct Application Website )

David
DavidAllenCapital Registerd Broker
https://davidallencapital.com/?refcode=102714544&u=102714544

[David Kindopp]

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

[e-mail]

916-507-9923

[David Kindopp]

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

[e-mail]

916-507-9923

[WKL David]

Commercial Real-Estate Backed Funding

https://davidallencapital.com/?refcode=102714544

Longer Terms.  Higher Offers.

Loan offers up to $50M.

Lower payments with terms up to 5 years with 30 year amortization.

Current Rates 7.5% - 8.5%*.

[Garrett Wyatt Diegel]

Over 18 years of experience in the real estate industry that has included real estate equity financing, real estate development project management, land use consulting, property management, appraising and underwriting due diligence for most property types.

As both a direct private lender and fund correspondent we can provide a wide variety of bridge lending programs for most property types with loan limits ranging from about $100,000 to over $15,000,000. Our rates and fees are among the most competitive in the industry. With over 25 years of experience in the real estate industry, I provide a quick understanding of the financing requests and expedient closings. Brokers are always welcome to contact or send their requests directly.

[e-mail]
Thanks

[David Kindopp]

Teri.

Did you get this land loan funded?

David (West coast)

[e-mail]