$275,000 Cash Out Land Loan!

Posted by in Brian's Blog, Commercial Real Estate, Recent Closings

Where?  New Mexico

The Story-Developer had land that he owned free and clear but needed money to get some spec houses up so he could begin selling out the subdivision.  With marginal credit and essentially no cash reserves, the borrower was not able to get banks to loan him money.  However, he had equity in the land and we gave him a mortgage on that property THROUGH OUR OWN FUND which gave him the money he needed to get the ball rolling.  YES, we are still doing land loans although we do them at a lower LTV then our normal loans.  But for this developer and many like him, it was what they needed to taste success once again.  Give me a call today for all your commercial needs at 770-908-1672.