Land/Lot Loans:
Terms: 5 or 10 years; P&I payment; fixed rate, not a balloon.
Loan Amount: min $5,000, max $200,000.
Eligible Properties: - platted residential properties - max 10 acres;
- non-platted acreages - max 50 acres;
- refinance cash out OK - limited to 60% LTV;
- new purchase.
LTV: 65% LTV for purchase or refinance of raw land;
70% LTV for purchase or refinance of developed land.
The rates are competitive; however I will not be able to quote you a rate via email (bank policy). Please call me and I will be more than happy to discuss them with you.
There is no time to build requirements and there are no area restrictions as far as the AZ market goes.
Construction loans:
Terms: 12 months, variable rate; IO payment;
Loan Amount: min $5,000, max $417,000;
Eligible Properties: - primary residence; 1-4 family residence; duplex if borrower will
occupy ½ at the end of construction.
LTV: the lesser of the appraised value or 100% of construction loan.
CONTACT:
Simona Romas
AssistantBankingCenter Manager
MidFirst Bank
6310 E Greenway Rd
Scottsdale, AZ85254
(480) 755-0964 (o)
(480) 272-7408 (f)
(602) 570-5879 (c)