All Forum Posts by: Benyamin Nusair

I am looking to sell a piece of land in Newton County, Georgia. These are 15 lots for single-family homes, which are part of a larger parcel ID that is not yet subdivided. The other 14 lots in the same parcel ID belong to someone else who bought them for 72,000/Lot at December last year but did not complete the purchase, leaving me with the remaining 15 lots on hand. The work needed to get a final plat, subdivide the land and get the building permits is estimated to cost 450K USD.

Parcel ID: 0053 000 000 004A00

The 15 lots ALT ID: 0053004A

county website: https://qpublic.schneidercorp.com/Application.aspx?AppID=794&LayerID=11825&PageTypeID=4&PageID=5723&Q=1108277087&KeyValue=0053000000004A00

What do you guys recommend would be the best channel to try and move these lots? These lots came into my hand after a borrower defaulted on a promissory note I issued. I am not a land developer or builder, so not interested to mess with these myself.

Benji

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Atlanta, Georgia

Hey @Chad Davis can you elaborate on this? What is discovery? why is this wrong if the US person is willing to take the loan, and what can go wrong?

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Quote from @Erik Estrada:

Quote from @Benyamin Nusair:

Hey all!

I own several SFHs which I bought all cash and now looking to cash out refinance.

I am not a US person and do not live in the US. I have no SSN or greencard / working Visa. I do however, have an ITIN, 720 credit score, and a B1/B2 visa.

From my conversations with mortgage brokers, it seems like the best LTV I can get for a cash-out refinance as a foreigner is only 65% (compared to a 80% that any American resident can get).

Are there any other ways to increase my loan LTV via 2nd layer loans or creative alternatives? I am aware of hard money loans and seller financing. Is there anything else I am missing?

Thanks!

Benji

You might want to consider creating an LLC with a partner that has an SSN and have them on the loan instead of you. Otherwise, 60-65% sounds about correct for a Foreign National Loan. The rate is pretty high as well.

That is an interesting idea. All properties are already held by an LLC. If I add a partner to the LLC ownership, do you know what is the minimum % of ownership he will need t have so the lenders allow the loan on his name?

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Quote from @Bob Reinhard:

Living where please?

A resident of Panama.

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Hey all!

I own several SFHs which I bought all cash and now looking to cash out refinance.

I am not a US person and do not live in the US. I have no SSN or greencard / working Visa. I do however, have an ITIN, 720 credit score, and a B1/B2 visa.

From my conversations with mortgage brokers, it seems like the best LTV I can get for a cash-out refinance as a foreigner is only 65% (compared to a 80% that any American resident can get).

Are there any other ways to increase my loan LTV via 2nd layer loans or creative alternatives? I am aware of hard money loans and seller financing. Is there anything else I am missing?

Thanks!

Benji

0 Votes

All Forum Posts by: Benyamin Nusair

Benyamin Nusair has started 2 posts and replied 5 times.

Post: Liquidating developed land in Georgia

Post: What are creative options for me as a foreign national investor?

Post: What are creative options for me as a foreign national investor?

Post: What are creative options for me as a foreign national investor?

Post: What are creative options for me as a foreign national investor?