Financing in Philadelphia>Question Details

Benjamin Sha…, Real Estate Pro in Philadelphia County,...

I have a lot in a good location in Philly and would like to finance and hold for a 9 mos. to a year, before developing.

Asked by Benjamin Shafer, Philadelphia County, PA Thu Apr 14, 2011

Anyone know of a bank that would do a high LTV loan w/ no prepayment penalty on a lot?

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Answers

6
Hi Benjamin,

You will be hard pressed to find a bank that will lend on a lot purchase at all. You will most likely have to find a hard money lender. Hard money sources will most likely lend you up to 65-80% of real current value. If that helps, let me know and I can make the connection for you. Good luck.

All the best,
Larry B. Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Direct CELL (267) 254-7994
LarrySellsRealEstate@gmail.com.
1 vote Thank Flag Link Thu Apr 14, 2011
Are you an experienced developer with a track record coming out of the ground? If you have assets there is a better chance. Depending on the location, I might be able to hook you up with a partner depending on the development proposal.
0 votes Thank Flag Link Thu Apr 14, 2011
my experience is 50% LTV is about the best unless you allow the bank to cross collateralize other property.
0 votes Thank Flag Link Thu Apr 14, 2011
Benjamin,

It was nice talking with you. I want to make sure I get you that third contact. Please email me at j.augustin3@gmail.com and I will get you all of his information. Also send me all the projects you have in the works so I can notify my buyers. I saw the one on Green St and I have a couple investors that may be interested in it.

Thanks,
Julie
0 votes Thank Flag Link Thu Apr 14, 2011
A have a mortgage broker that would do it for but the you might in end up paying point's or a loan orgination fee.
You have a better chance getting a loan if you use a mortgage broker instead of a regular bank . You might need to
see you can use the land as collateral . I would shop around online and compare price's. You want something
that's going to be cost effective.
0 votes Thank Flag Link Thu Apr 14, 2011
Benjamin,

I know a couple different lenders that you can connect with that may be able to help you.
Call me at 267-528-0145.
0 votes Thank Flag Link Thu Apr 14, 2011
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