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Silverstone Mortgage

Silver Stone Mortgage - Appleton, WI

Silver Stone Mortgage 920-365-5562

Broker tips for private land financing

“We require as-is appraisals rather than as-built appraisals that are based on a set of extraordinary assumptions that don’t reflect the land’s current state,” said Rapoport. “We also need confirmation of the equity that’s being injected into the property, as well as its provenance, because lenders always want to ensure that borrowers are aligned with the deal. Syndicated equity is different than cash out of the borrower’s own pocket.”

Additionally, private lenders require documents that delineate Official Plan designations, zoning by-laws that may affect the site in question, and that determine the type of end product the site can sustain, including its density.

“Environmental phase one and two documentation is also needed,” continued Rapoport, “because environmental issues can have very large impact on land values. Land with environmental issues can still be financed, but it’s imperative that lenders are apprised of both the nature and scope of the contamination. Being able to quantify remediation costs is very important to private lenders.

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