Hello all!
I received orders last week to move to PR in June. This is a permanent position. I flew down from the states yesterday in search of a lot to build on and found one available in a gated community in Dorado. It has utility connections available. I met with the listing agent and we had a great conversation. I have the funds to pay for the lot cash, but I'd rather not if it's possible to finance. I understand I won't have a home built by June, but I'm content renting an apartment until I'm able to.
Over the last week, I've made 30+ calls to major and local banks as well as credit unions and haven't had any luck finding a financial institution that will finance a lot more than 40% LTV given current market conditions. Does anyone have a contact or know of a lender that will lend up to 75% LTV? I understand most folks pay cash and to each his own. I'd rather not drain a large chunk of my savings. Thanks in advance and cheers!