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Lot Loan #1


 

Lot LoansThis Lot Loans is:

Fixed for 3 years with a balloon payment in 3 years. The payment is calculated using 30 year amortization.

5.375% @ 1.5 point.

5.942% APR (Annual Percentage Rate)

Acceptable Property:
20 acre maximum. Residential zoning only.

70% Loan-to-value to loan amount of $500,000.  

24 eligible states.  No structures on property.  Slab foundation already completed OK.  Refinances are 70% to $300,000, 65% to $500,000.

Adjustments to Pricing: 
Add 1 point for refinance (no cashout).  Add .375 to points for loan amount $60,000 to $100,000. 

Minimum loan amount $60,000.   Add .25 to points for middle credit score 700-730.

APR calculated using loan amount of $300,000, and middle credit score 730+.

Minimum credit score 700.  50% debt ratio possible.