Thank you for all your help throughout this process. You have been consistently responsive, thorough, and trustworthy. While I only have limited experience in financing real estate, I've dealt with enough people to know it's rare to find such a combination. I look forward to working with you again in the future. In the mean time, I'll make sure to pass your name along.  
Bill K.-Dupont Circle, Washington, D.C

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Lot Loans

A lot loan is intended to provide short-term financing to borrowers who are purchasing or refinancing a single-family residential lot with the intent to build either a primary residence or a second home. Investment use of the property is not permitted. First time homebuyers are usually ineligible for a lot loan. Acquisition of the lot for the purpose of selling for gain is strictly prohibited. Banks are not interested in large acreage's that will be subdivided or used for farming or other agricultural purposes.

  • Loan Amounts/Loan-To-Value's:
    • Minimum Loan Amount: 100,000.
    • Maximum Loan Amount: 2,000,000.
  • Down Payments:
    • Maximum Loan-To-Value is usually 75%, which means you need at least a 25% down payment.
  • Amortization:
    • Usually a 30 year amortization with a balloon payment. The balloon maturities provide the borrower the flexibility in selecting the time he/she may need to design their home and choose a contractor. When the borrower is ready to start construction, I can offer the borrower a Construction/Renovation Loan.
  • Lot Requirements:
    • Zoning should be single family residential.
    • Leasehold properties are not permitted.
    • The lot size should conform to the general area and be considered residential in nature.
    • For Lots In New Developments, PUDs or Subdivisions: Evidence must be provided that infrastructure improvements (streets, curbs, gutters and utilities) are in place. If such improvements are not yet complete, a copy of the developer?s bond provided to the applicable building authority to guarantee the completion of the improvements must be provided.
    • For Lots Within Existing Residential Neighborhoods: The lot must be accessible directly or indirectly through a recorded perpetual easement. The lot should have water, electricity and sewer stubbed to the site or available in the street. Lots planned for improvement with water wells and/or septic tanks are also acceptable provided the lot size is sufficient to accommodate these improvements, it can be demonstrated that other properties in the immediate area have operating wells and/or septic tanks and the provisions of Wells and Septic Systems are met.