Hi everyone, we recently just bought a vacant lot (improved land), we are putting 7 units on it. I’m asking for recommendation for lot loan, constructions loan (commercial since it’s more than 4 units), and eventually turn it to a mortgage.
Any advice would be greatly appreciate it. I am thankful for your time and expertise. Have a great one.
Financial Advisor · Member since 2021 · 17 posts · 1 vote
4y
What is the location of this land? Is it already permitted and ready for construction? We have done several loans for our clients in the past but need more information
@Mohit Anchlia in San Diego. It’s in the process of getting my a permit with the city. So probably not gonna get the permit for another 8 months. Thank you for your help.
Financial Advisor · Member since 2021 · 17 posts · 1 vote
4y
I am in SanDiego too :) Anyways, do you need the loan immediately or can you wait until after you get the permits? We have different routes to take, it depends.
@Mohit Anchlia I’m looking to my options as we currently have seller finance on the lot and trying to see if it would be cheaper to get a loan from a bank.