29 Jul Utah Land Development Loans
Turn to Nelson Funding for Land Development Loans for Utah
If you are seeking a loan on land or for a construction project, Nelson Funding is your source for competitively priced land development loans in Utah. We are a top choice in the state for fast funding thanks to our streamlined services designed to support business development and growth.
Get private money fast for land, pre-construction development, and commercial construction!
What Are Land Development Loans?
Land development loans are a form of commercial mortgage that can be used to purchase bare land, land development, and the construction of residential subdivisions. Developers could mortgage the property at any stage of the development whether they are buying raw land or are nearing completion and adding roads, sewer, electricity, gas lines.
If you are a developer, you might encounter an opportunity that needs to be acted upon quickly with hard money. Nelson Funding can help you receive the right loan you need faster than other private money brokers in Utah!
As the development of land continues, the value of the land goes up, but there are times when the money runs out before the project is finished. A mortgage from Nelson Funding could help finance the completion of the project.
Mortgages to Buy Raw Land for Development
Nelson Funding specializes in bare land development funding for developers across Utah. These types of loans are best for developers looking to seize a purchase opportunity when a hefty down payment is needed. Capital injections can often catapult projects to completion faster and help developers pay off the private money loan as their new build homes are sold.
Land Development Lending Parameters
Once you are ready to apply for your land development loan, check out our lending parameters. Loan amounts range from $1,000,000 to $250,000,000+ at an interest rate of 4.99%-9.99%. The origination fee is 2-4 points, term length can range from 6-36 months, and the time to close is 1-3 weeks.
We finance the following situations:
- Vacant properties
- Quick Closings
- Chapter 11 exits
- Distressed properties
- New construction
Eligible property types for a loan include:
- Hospitality (Flagged and Boutique)
- Student Housing
- Senior Living
- Storage Units
- Investment Residential
- Luxury Properties
- Mobile Homes
- Single Tenant
To receive the needed funding for your land development project in Utah, provide our team with the following items:
- Profit and Loss Statement for the last two years
- Personal Financial Statement
- Operating Agreement/By-Laws
- Purchase Sales Agreement/Real Estate Purchase Contract (if there is a purchase)
- Hud-1 (if purchased within the last three years)
- 4 Color Photos or an Old Appraisal
- Rent Roll (if applicable)
- List of Improvements Made/Required
- Resume/Background of Principal(s)
Why Partner with Nelson Funding for Land Development?
The land development loans from Nelson Funding provide the needing funding for the soft costs and entitlements that are required for the development. This might include hiring architects, engineers, and consultants. Our lending experts have a greater understanding and appreciation for land loans than many other lenders around the country.
Our underwriting is always based on the future completed value of the asset which allows for a greater loan-to-value. We treat every land development loan like a partnership and will continue to be your advocate throughout the entire process including negotiating with a third-party lender, getting adequate reserves for maintenance and repairs, or dealing with environmental concerns.
The Process for Getting a Land Development Loan through Nelson Funding
Start by filling out our easy online application and submit the necessary documents for your land development loan. Our loan officers are always available to help ensure the application is correct and answer your questions.
About 2-4 days after receiving the documents, our lenders will issue terms. Nelson Funding’s lending partners require a refundable expense deposit to cover legal fees and/or third-party reports.
From there, our lending partners will complete due diligence by meeting with you for a site visit. This is typically completed within 7-14 days.
The final step will be closing within 10-30 days depending on the type of deal you choose. Our partners will coordinate closings with titles and can use mobile notaries.
Contact Us to Get Started on a Land Development Loan in Utah
Get in touch with Nelson Funding today to discuss land development lending opportunities. Call 573-246-7087 or contact us online with any questions or concerns about the process and to get started on your loan application to get a jump on an exceptional land development opportunity.