Posted on: 12th Feb, 2008 06:32 am
I have (lien clear) a 1.3 acre piece of waterfront assessed at $490K. The assessment and taxes have taken recent jumps. I am interested in building a very modest second home (with occasional vacation rental potential) to justify the taxes and as a retirement prospect. Is there a direction I should look for a lender who would consider this project? It is two lots and I would likely divide it for borrowing against it. I have sub-prime credit with a co-borrower on my primary residence! Please advise. I am in NY.
Hi adstribe,
Welcome to the forum.
You can take the loan by using your land as collateral. But you need to shop a bit for best rates and terms. Even in this community there are so many helpful lenders from all over the United States. You can contact them directly at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Best of luck.
Larry
Welcome to the forum.
You can take the loan by using your land as collateral. But you need to shop a bit for best rates and terms. Even in this community there are so many helpful lenders from all over the United States. You can contact them directly at http://www.mortgagefit.com/unitedstates/
Feel free to ask if you have any further questions.
Best of luck.
Larry