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Ulysses Fletcher

Raw Land Loan Guidelines

Saturday, May 26, 2012 - Article by: Ulysses Fletcher - Ulysses Fletcher Mortgage Services - Message

Raw Land Loans General Guidelines
Eligible Properties Purchase - Refinance - Cash out - Bank owned, REO properties, Ballooning notes, Trust deed, mortgages
Minimum Loan Size $500,000 - $5,000,000
Pricing 12.99% - 14.99% Interest only - 6% - 8% Origination points (paid at closing)
Loan Terms 12 - 36 months from initial investment
Prepayment Penalty None
Personal Guarantees NO - Non-recourse format
Loan-to-Value 50% AS-IS maximum LTV- As completed LTV is not typically considered
New Equity (cash) Requirements Typically no new cash for Refinance or cash out - Purchase minimum - 40% of total purchase price
Third Party Reports Appraisal - Collateral value opinion
Reliable Phase I environmental report (older report can be used if property does not display obvious signs)
DML Property inspection (required)
ALTA land survey
Preliminary Submission Package For Residential Land Loans: 1.Well written summary of the property description, current entitlement status and goals
2. Representative color aerial photographs - (6 - 7 preferred)
3. Sources & uses
4. Sponsor(s) resume
Submisions - Questions

>> Executive summary - detailed but, brief - (no one wants to read 50 pages)
>> Aerial photos or an existing appriasal - (detailing the exact location)
>> Exit strategy - (how are you going to pay us back)

Contact: Ulysses Fletcher Mortgage Services at:(404)642-4741or

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