A land loan refinance in Seattle: five buildable lots, $1,750,000, funded in 24 days
The deal in one paragraph: A borrower owned five buildable lots in Seattle, and the loan against them was coming due. I arranged a $1,750,000 refinance that paid it off, at 45% loan-to-value on a one-year term. It funded 24 days after the application.
The deal | Details |
Property | Five buildable lots, Seattle, Washington |
Loan | $1,750,000 refinance |
Loan-to-value | 45% |
Term | One year |
What the money did | Paid off an existing loan on the lots that was coming due |
Application to funding | 24 days |
Closed | 2026 |
Own land with a loan coming due?
I lend on land as regular business, and I underwrite the value of the land, the equity behind the loan and how it gets repaid. Call me directly, and you'll typically know within 12 to 24 hours whether I can structure it.
A loan coming due on land
When a loan matures, the date doesn't move. The borrower needs a payoff or a new loan in place, and on land a new loan is harder to find than most owners expect.
That was the position here. Five buildable lots, an existing loan reaching its maturity, and a borrower who needed a new lender in place before the old one had to be paid. It is the same situation as a maturing commercial loan, and the answer is the same: underwrite what the property is worth and how the new loan gets repaid.
Why a bank wasn't the answer
Banks don't like lending on land. A lot without construction plans in place, and without income coming off it, gives a bank nothing it knows how to underwrite. There is no rent roll, no tenant and no finished building to appraise.
I lend on land as regular business, alongside commercial property, high-value residential and ground-up construction. Lots like these are real collateral with real value. The work is establishing what that value is, and that's work I do myself.
How value was established on five lots
Five lots meant five appraisals, one for each parcel. And Seattle does not produce many recent land sales to compare against, so each appraisal had to be built carefully rather than pulled off a list of near-identical sales.
On this loan that work was done lot by lot, because getting the value right on every parcel is what the whole loan rests on. When the appraisals came in, the loan was sized against the value they established, at 45%, which left real equity behind it.
The loan funded 24 days after the application, with every lot valued on its own.
How I structured it
A refinance of the existing loan. The new loan paid off the one that was coming due.
45% loan-to-value. Sized against the appraised value of the lots. My typical ceiling is 65%, higher case by case.
A one-year term. A fresh maturity date in place of the one that was coming due.
Washington property. Outside California, the loans I arrange start at $1,000,000. This one was $1,750,000.
Underwriting is based on the asset, the equity and the exit, not on whether the land produces income today.
Where I do business
I arrange business-purpose loans from $250,000 to $50,000,000+ on California property, and from $1,000,000 in Hawaii, Oregon, Washington, Colorado, Utah, Wyoming, Montana, Texas, Florida and New York. Washington is one of those states, and land is one of the property types I lend on.
If you own land with a loan coming due, or land you want to borrow against, call me early. The sooner the appraisals start, the more room there is ahead of the maturity date. You can see other closed loans on my recently funded page.
What happens when you call
It goes straight to me. There is no intake team and no queue.
Tell me where the land is, how many parcels, what is owed and when it comes due. I will tell you on that call whether it is something I can structure, and you will typically have an answer in 12 to 24 hours. Pricing is quoted per transaction.
Call or text 415-508-3834
Kevin Green · Licensed in California real estate since 1998 · CA DRE Broker #01241542 · NMLS #1130752
You can verify both licenses yourself: California DRE license lookup · NMLS Consumer Access.
Questions that come up
Can I refinance a land loan that is coming due? Yes. That is what this loan did: it paid off an existing loan on five buildable lots in Seattle before it matured.
Do you lend on land that has no income and no construction plans? Yes. Land is one of the property types I lend on. The loan is underwritten on the value of the land, the equity behind the loan and how it gets repaid.
Why does a land loan need an appraisal for each lot? Each parcel is its own piece of collateral with its own value. On this loan, five lots meant five appraisals.
Do you lend on land in Washington? Yes. Washington is one of the eleven states where I do business. Outside California, loans start at $1,000,000.
Tell me about your land
I arrange business-purpose loans from $1,000,000 in Washington and nine other states, and from $250,000 on California property. The sooner the appraisals start, the more room there is ahead of the maturity date.
Business-purpose financing only. Not available for owner-occupied consumer transactions.
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