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To be perfectly blunt about it, we
cannot afford to finance a sale of this size via the usual terms that we
provide for every other sale. However,
recognizing that it is difficult to find financing for unimproved land, we
have made arrangements with our underwriters to carry your note on this
21.5-acre parcel for approved borrowers.
Here are the loan terms provided us by our
underwriters:
Borrower must have:
- 20% down payment ($55,000)
- FICO credit score of 700 or higher
- Debt to Income Ratio of less than 50%
- Verified income, via tax returns or pay-stubs
If you can meet these criteria, we will provide
financing for 20 years at the
WSJ Prime
Rate plus 4-½
points.
Right now (1/28/2008) that means 11% interest
which would yield a monthly payment of about $2500 per month.
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