Lot Loan #1

Lot LoansThis Lot Loans is:

A 3/1 ARM.  The initial interest rate is fixed 3 years. The payment is calculated using 30 year amortization.

7.50% @ 1 point.

7.874% APR (Annual Percentage Rate)

After the first 3 years this loan will adjust annually the next 27 years to 3.25% over the 1 Year Treasury Weekly Average.  The 1st adjustment cap is 2%, the annual cap is 2%, and the life cap is 6% above the start rate.  If adjusting today, this loan would adjust substantially downward.

Acceptable Property:
5 acre standard maximum. Residential zoning only.

80% to $300,000, 75% to $400,000, 70% to $500,000, 65% loan-to-value to loan amount of $750,000.  Loan amounts above $750,000 on an exception basis (we’ve done $975,000).

24 eligible states.  No structures on property.  Slab foundation already completed OK.  No Refinances.

Adjustments to Pricing:

Add .500 to points for loan amount $80,000 to $100,000.

Minimum loan amount $80,000.   Lower loan-to-value maximums 5% if well and/or septic to be used versus city water and sewer.

Minimum credit score 720 and 45% debt ratios for >70% loan-to-value.  700 middle score and 50% debt ratios possible if <70%.

APR calculated using a loan amount of $300,000.