Is it possible to obtain (90 % Ltv on a rural property on drilled well & septic within 40 minutes of Toronto ? Beacons of aprox. 550 & 600 - if this is possible please provide your contact info.etc.
Thank you
2006-09-13 13:30:09 · 3 answers · asked by nature4me 3 in Business & Finance ➔ Renting & Real Estate
Yes there is a house on property
2006-09-20 10:20:49 · update #1
Is there also a house or dwelling? If yes, you should be able to get a loan. You should get the well and septic tested- well for bacteria and septic for function.
Contact your favorite lender or bank and apply there.
2006-09-13 14:21:40 · answer #1 · answered by hithere2ya 5 · 0⤊ 0⤋
Anything is possible, but with the information provided there is no way of answering this question.
Without a house and with strictly traditional bank financing, it will be very unlikely that you will be able to get this done.
But there are many other options to pull this off
To name a few (please check with your local laws and consult a good mortgage broker in your area)
a bank acceptable first mortgage, with a 2nd mortgage at terms and conditions that a secondary lender and you can live with.
a variation is to have the seller carry a 2nd mortgage
The seller could finance the entire mortgage,
or give you some rent to own mortgage
You could get an other party involved as a co owner in the property
hopefully this will give you some more ideas as to how you may be able to swing the deal.
Good Luck
2006-09-20 11:34:14 · answer #2 · answered by peterpfann 3 · 0⤊ 0⤋
As long as you and the property are in the US that is a doable loan.
http://www.diversifiedlender.com/
2006-09-14 21:46:59 · answer #3 · answered by Matt J 3 · 0⤊ 0⤋