Updated over 6 years ago on . Most recent reply
Bank land loan terms
My local bank is offering a land loan towards a purchase of MHP, their terms are below.
Up to 60% of appraised value or purchase price
Max term is 3 years
Max amortization is up to 15 years
Does this sound reasonable? Depending on what my LLC get approved for I was going to contact the seller regarding doing seller financing for the remaining amount owed for property.
Any thoughts from my investor community?