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Residential Lot / Land Loans
For a Rate and Fees quote call
800-390-7536
Brokered Residential
Lot / Land Loans
This program is designed for Borrowers in need of financing to purchase a residential lot. Residential lots must be eligible for present or future new construction of a residential property. Construction financing is also available.
Requirements
- Loan amounts from $60,000 to $1,500,000
- Loan amounts from 60% to 75% of the purchase price in improved subdivisions if included with a construction loan, otherwise from 50% to 60% loan to value. Please call for a quote. Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts
- Term of 1 to 3 years
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Interest only payments
- No minimum acreage requirement or maximum limitations
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Residential zoned land
- Limited income documentation available at 40% loan to value or less
*All rates and terms subject to change without notice
Rates and Fees
(Based on credit score, income, savings and LTV)
- Rates: Prime Rate plus 2.95% to 4.95%+
- Loan Fee: 1.25% to 2.00%+
- Application Fee: $450
- Fast Track Closing Fee: $1,250
- Underwriting Fee: $450
- Maximum Broker Fee: 1.50% to 2.00% (subject to Broker Compensation option)
To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, current Tri-Merge Credit Report and appraisal if available.
