Any Land Lenders in PA?

JoefromPhilly · Joined: 12 Apr 2006 Posts: 14 Location: Philadelphia, PA

I am looking for a lender who will lend on a $79,000 purchase of land near the Pocono's in PA. Any suggestions?

- Joe

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

indy mac....call damond 800-300-9266 ext 3436..best rep i have ever had there

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

our equity department does land loans. Has to be </= to 40 acres, 700+ credit score, and 25-30% down. Just to give you an idea of what we've got available. I'm not sure what our wholesale side has available or if Indymac is comparitive or better than that.

m2c · Joined: 03 Aug 2005 Posts: 937

Becca,

At last someone who says something good about IndyMac! I looked at them a year or so ago. Mostly targeting HELOC but as I recall IndyMac balked at stand alones. Was impressed with their eMits system and enlightened broker application form, i.e., no extensive questioning, social security numbers, etc. that plague most wholesaler forms. Now they no longer post the application form on their web site so they may have joined the rest of the idiots with 10-page application forms. We put a high value on simplicity and service from wholesale outlets.

I stopped with the HELOC stand alone road block and they was freaked out by some comments on the Vine. Interested in any over all comments you might have about IndyMac. May want to revisit this outlet. Bear in mind we avoid subprime like the plague since it might (not sure) require us to be licensed by the state.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

i still think alot of how you recount your experience with them has alot to do with your inside rep.....in the past we had a strange one and made deals tougher...but now our rep makes things sail through.....a lender is only as good as its reps...

chow · Posted: Thu Apr 20, 2006 1:35 pm Post subject:

Question: Are the inside reps assigned to a state or can they service any state? That may make a difference in people choosing to go back to Indymac. They have some great products, but like we all know- a lender is only as good as the team that runs the deals though the hub you send the loans to!

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

i think they can do any state they can get....

The Wizard · Joined: 02 Apr 2006 Posts: 48 Location: So. Cal

I have to agree, I have clients that use Indy Mac out of Sac., Ca and a client that uses South Carolina.

The offices are as different as night and day. The South Carolina office, I had to walk the account manager through reading the insurnace and other very basic stuff. It took at least 3 days to get anything signed off, phone calls never returned.

I submitted a file to their Sacramento office and that account manager is calling me...When I can I have the stips. I send them in and the next day the funder is calling me "Where is the xxxx form so I can draw docs"

Different as night and day yet both are IndyMac.

www.jbmortgageservices.co · Joined: 14 Jul 2006 Posts: 3 Location: FL, PA, GA, MA, NY

Try Nathan at 305-599-2600. He does this type of thing.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

M2c

i also have another HELOC rep here in PA...citi...they are awsome...on the prime side but talk about easy as pie.....close in less then 2 weeks..they pick up all costs associated with the loan and broker get a fee based on loan amount plus whatever upfront fee's the broker wants to charge..nice rates and the rep is awsome..