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Updated over 7 years ago on . Most recent reply

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8
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0
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Kate Homme
  • Real Estate Agent
  • Clarksville, TN
0
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8
Posts

Financing Adjacent Land: seeking way to finance forced expansion

Kate Homme
  • Real Estate Agent
  • Clarksville, TN
Posted

As discussed in my "How to sub divide vacant land? steps and suggestions" forum post, I have recently been placed in the situation where I have to buy a small parcel of land to the rear of a rental property of mine (as opposed to pursuing a prescriptive easement through the judicial system). What are my financing options? 

The property was originally purchased with a VA loan (0% down). After renovating and appreciation of the area the loan to value ratio is down to about 60%. I would like to refinance into a conventional mortgage that includes the cost of this new parcel. This would bring the LTV up to 67%. Is this feasible?

The property is located in the South Sound/ Tacoma WA area and I would love any finance/ mortgage officer recommendations or alternative courses of action. 

Thank you!

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