Land loans with approved maps and improvements such as utilities, sewer, access, and roads are much more attractive to lenders and have a greater chance of being funded with a loan to value ratio around 50%. The borrower must also have a reasonable plan to improve the property and ultimately have an exit strategy.
Fix and flip or rehab loans can be approved and funded very quickly to ensure the investor is able to secure the subject property. Rehab loans can be funded within three to five days if the borrower needs the capital as soon as possible. North Coast Financial, Inc. uses the current value of the property to determine the loan to value ratio as opposed to the after repair value.
Contact Don at email@example.com or call him at 760-722-2991