hard money construction loans
Experience – It's fair to say that if you have not had any investment or development experience in the past, your chances of getting a hard money land loan funded is slim to none. Only unless you have stumbled into the deal of the century and have an excellent team of professionals behind you, this loan is only for the experienced investor or developer.
Below you will find a guide to what hard or private money lenders are looking for in today's economy.
One more thing to consider, there is typically a minimum loan amounts associated with land loans. Most hard money lenders will not consider loans under $500,000 for land so, in the interest of saving you and the lender time, be sure to ask if there is a minimum before spending several minutes discussing your proposal.
Obtain Correct Zoning – There are several examples of zoningacross the Nation. Some classifications may include Agricultural, Residential, Commercial, Industrial, and these different zoning classifications may have several sub categories which further define the permitted uses of the land. There may be different processes within each city or county that governs the zoning ordinances that are necessary to gain approvals for your project. Most hard money lenders will not consider raw land or incorrectly zoned land unless the project has significant equity to withstand the time in order to successfully change the existing zoning.
Are you in the construction or development business and looking for a land loan to purchase or refinance undeveloped land that you intend to build on or sell in the near future? Since most banks and financial institutions are not considering land development deals in 2010 a hard money land loan may be the only answer.
Solid Exit Strategy – Most important of all is a solid exit strategy. Since many construction lenders have taken a seat on the sideline with a large bottle of oxygen. The exit strategy is sometime difficult to prove but, nevertheless still an important aspect of a land loan. Be sure to be as detailed as possible without being overbearing when discussing your project.
Low Loan to Value – Because of the historical high prices of real estate and the over leverage of funding that has occurred in the past 3 – 4 years and beyond, most land projects have reduced equity positions as compared to a few years ago. Therefore, most Hard Money Land Lenders will only lend based upon a 30% - 50% loan to as is value. Keyword to learn is today's value, not 6 months from now, or once all approvals are in place. Future values generally make no difference in a hard money land loan.
Strong location – The old adage Location – Location – Location has never rang truer than in today's challenging real estate market. Hard Money land loans are not typically approved in rural areas. The property must be within the path of growth. Usually, the city or town must have at least 25,000 people. There are no set guidelines however, as a general rule, the more desirable the property location is, better chances of getting an approval.
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