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Started By
Message
Home mortage help???!!!!
Posted on 6/16/10 at 3:06 pm
Posted on 6/16/10 at 3:06 pm
I have a house with 22 acres of land valued at 1.5 million. I can't find a fricking bank to loan $800,000 to save my life. Any lender out there that can accomodate that loan?
6
Posted on 6/16/10 at 3:28 pm to Broke
you have property worth $1.5 Mil and you are coming to an internet message board for advice??
Posted on 6/16/10 at 3:46 pm to Broke
Lending is hard right now, banks are in self preservation mode. Most are hoarding cash not lending it out.
Posted on 6/16/10 at 3:48 pm to tygerstripes
Banks don't want to own a "$1,500,000" piece of property if you can't pay them back. What is your job/annual income. Do you have a CURRENT appraisal?
Posted on 6/16/10 at 5:04 pm to Broke
I thought you said on the OT the other day you had 1.5 acres?
Posted on 6/17/10 at 7:33 am to Broke
what are you looking to do? R/T or C/O Refinance? If C/O how much cash are you pulling out?
Posted on 6/17/10 at 9:19 am to Catman88
quote:
I thought you said on the OT the other day you had 1.5 acres?
When I say "I" I am talking about one of my clients. This isn't my property or house but I'm trying to help him get his financing and it's a pain in the arse. We've tried everything like splitting up the property. The main problem is no comps. We live in a rural area. His income is about $300,000 per year.
I personally have 1 acre.
So full disclosure, this is my client.
This is a first mortgage on new construction (finished now). Currently he has a $400,000 and then a second for $400,000 at 8%. The second is a 5 year so it's going to get ugly later. He doesn't want any money out. He just wants a 30 year at current rates for 30 years.
2 appraisals in the last 2 months.
This post was edited on 6/17/10 at 10:13 am
Posted on 6/17/10 at 2:44 pm to Broke
Why are the banks turning it down?
Posted on 6/17/10 at 3:52 pm to ds1tiger
quote:
Why are the banks turning it down?
Comps I believe. There just aren't that many million dollar homes on big tracts of land within 30 miles of each other in a rural community.
Posted on 6/17/10 at 3:58 pm to Broke
quote:
Home mortage help???!!!!
Is this in Louisiana?
Posted on 6/17/10 at 4:18 pm to TigerDeacon
quote:
Is this in Louisiana?
Yeah.
Posted on 6/17/10 at 4:51 pm to Broke
(no message)
This post was edited on 6/18/10 at 12:36 am
Posted on 6/17/10 at 10:20 pm to Broke
I was out today with my wife having son number 2 and will probably be out tomorrow but will check email and get more details to see if it is something I can do or if I can refer you to another local lending instiution that might be able to take care of it for you. Realize that this is a Jumbo loan and he will not get the 4.5-4.625% conventional rate for a 30 yr fixed rate. I will answer any questions you or they have and make sure someone can do it before I waste your/his time or mine.
Just an FYI I saw in a thread the other day that you are from Zachary. I moved here in 1979 and was born in 73 so there is a good chance we know each other if your were around that time.
Thanks
This post was edited on 6/20/10 at 10:41 pm
Posted on 6/18/10 at 9:15 am to David Wooderson
Yep. I was around that time. I'll email you later today.
Posted on 6/18/10 at 4:10 pm to Broke
As for comps, there is a home on 20 something acres off hwy 10 in St Francisville, asking 1.65M
Posted on 6/19/10 at 1:12 am to JWS3
Unfortunately for him listings don't work as comps. They can help strengthen the appraisal but want work for comps b/c it hasn't sold. You can list your house for any amount but the bank and appraisals only care for what it sold for.
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