When Land Loans Make Sense for Lenders


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Salas: “We always underwrite and look at things assuming that the market we’re in right now is not going to be as strong in the near future.”

SAN DIEGO—Locally based private-money portfolio lenderSeattle Funding Group is admittedly light on land loans. The firm’s senior underwriter Chuck Salas tells exclusively why this is so, and what borrowers should know before approaching a lender for land financing. You say your firm is light on land loans. Why is this the case?

Salas: Land in general is unimproved, and historically in periods of declining real estate values or slowing markets, those land assets are far more difficult to sell and get back the cash. Recognizing that we are a fund-based lender, we prefer assets that we can sell in the event of a worst-case situation and get back the cash. We don’t want to hold real estate any longer than necessary…

When Land Loans Make Sense for Lenders

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