Problem finding residential lender

[Account Closed]

I am purchasing a parcel in Pittsburgh that contains a nice house and a second house that I will demolish after closing. Lenders will not finance the deal while the junk house is on the property. I think it is a fanny-Freddy thing. Any suggestions on how I should move forward?

[Michael Evans]

what will you do with the vacant lot after demo? Can you build a spec house and sell separately? I'm sure if you can sell the new house by itself as a SFR, you can find a lender that would do the deal.

You need to put together a proforma to take to lenders that includes all costs and proposed comps in your market.

Good luck