We can do a refinance of a vacant lot on Lot Loan Program #1.  There can be no cashout, so we can only refinance your current balance plus closing costs.  This also means no money for plans, permits or construction on a lot loan refinance, even if you are not walking away with cash.  A cashout refinance of a vacant lot is defined as paying off anything other than your current lien or liens on this lot and closing costs.  If you used an equity line on another property to pay for the lot, or a loan from a relative, you cannot refinance that loan on Lot Loan Program #1.  We may be able to arrange a private money cashout lot loan at higher rates and only to about 40% of value.

We can do a lot loan refinance of your current lot loan up to 65% or 70% of the current appraised value, depending on the loan amount.  Land prices are even more volatile than home prices, so your lot may be worth considerably less than when you bought it.  Appraisals can be difficult because of bank owned parcels selling well below previous sale prices, lack of sales altogether, and a lack a vacant lots in mature urban areas.  Nonetheless, if you are facing a balloon payment such as on an old Indymac lot loan, don’t wait until the last minute.  If your balloon note is due, lenders usually stop accepting payments and start reporting lates.

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