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PRMI GroundUp Loan is mortgage loan for purchasing vacant land or Lot Loans. Traditional Conventional Loans do not allow for someone to purchase vacant land or lots. PRMI GroundUp Loan allows you to purchase land without having to build on it. This loan is also sometimes referred to as Lot Loans or Vacant Land Loans.
GUIDELINES
- Minimum Loan Amount is $100,000
- Maximum Loan Amount is $1,200,000
- Minimum Credit Score is 660
- Maximum Loan to Value (LTV) is 65%
- No Pre-payment Penalty
- Purchase or Refinance
- Maximum Term Length is 240 Months
ELIGIBLE PROPERTY TYPES
You can use the PRMI GroundUp Loan to purchase the following types of property:
- Income Producing Properties with acreage
- Recreational Property (i.e. hunting)
- Individual Building Lots
- No Maximum acreage limitation (but needs a supported appraisal)
Ineligible Property Types are as follows:
- Development Sites / Speculative Sites
- Properties located adjacent to or containing environmental hazards
- Zoned Industrial or Commercial
TYPES OF LAND YOU CAN BUY
Land can be classified into 3 categories: Raw Land, Unimproved Land and Improved Land. Raw Land is completely undeveloped land with no electricity, no sewers, no roads, etc. Unimproved Land is similar to Raw Land but it tends to have some development such as some utilities and amenities but would lack electric meter, phone box, or gas meters. Improved Land has access to things such as roads, electricity, and water.Ready to get started? Reach out today for more information!
📧 [email protected]
📞 (214) 736-9466