Need to get that building lot* into your inventory quickly?
Redmond Funding Group helps its builders get these transactions closed fast with little hassle because we know you are always thinking about “next year’s projects”
When these opportunities come up, they are always competitive. So RFG moves quickly! Contact us with the parcel number and the price you want to offer. We will drop everything to get you a Proof of Funds Letter within a few minutes. To present the most attractive offer, you’ll probably need to close in a week or so and we will commit to get that done for you in the POF letter you’ll provide to the seller. By combining virtually instant proof-of-funds letters and the ability to close in a few days, there’s no reason the seller shouldn’t choose your offer if your price is right.
But wait.. there’s more! If you use RFG for the vertical construction loan on the lot, a portion of the loan fee paid for the acquisition loan will be credited towards the loan fee on the construction loan.
Since every lot is different, and the condition of tear-down homes can vary widely, we can’t be specific here on the size of the loan (LTC) we can offer. In our experience, often the down payment made on the acquisition loan will substantially satisfy the future equity (down payment) requirement for the future vertical construction loan.
*Building Lot means an entitled, separate lot ready for vertical construction or a lot with an existing home that will either be scraped or that can be rented out until construction begins.
