This Loan is:
9.125% @ 1.0% point on a 7/1 ARM, fixed 7 years.
9.377% APR (Annual Percentage Rate)
80% to $650,000 loan amount. This is the most highly leveraged lot loan. Up to 50 acres OK. No requirement to have city water, sewer, perc test, or well. No habitable structures on property. Other structures without value OK. Red tagged houses OK. Burned out structures OK.
Refinances OK. Add .5 points to fees if loan amount $75,000-$100,000. Cashout refinance possible on exception if being used to advance plans, permits and fees or site improvements.
Note: APR calculated using loan amount of $300,000.