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OT: help needed re: financing a land purchase (long)
Posted by 2saabs [Email] (more from 2saabs) on Mon, 16 Oct 2006 19:25:05
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So I want to buy land to retire in 10 years. It is going to be a high end development, still early in Phase 1 and lots being cleared, roads being put in, but still a long way to go before anyone can move in and still without state approval for water rights, but the county says that is not going to be a problem. The developer wants me to finance with them (a company with a satisfactory BBB rating), but acknowledges their interest rate will be higher, and then immediately refinance with someone of our own choice. In return, they will waive the closing costs, saving about 3K. What possibly could be the reason they want me to do this? My real estate lawyer suggests financing with them for little down since it is a risky deal (so early in the development) and they would be motivated to not let me default in case the deal fell through. But I bet I can get a few points better on my own and negotiate closing costs. Thoughts?
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