Combining loans

This will not happen... and you really don't want it to happen.... Lenders will not combine 2 lots under one loan.. you would have to have the county combine both lots into one parcel, and then you can get financing... but you cannot do this unless you already own them... and realistically, it would be a disadvantage to combine them... leaving them separate, means you can sell one or the other, combining them means you can only sell both as one... but I'm confused.. if you already own the vacant land, then just purchase the property with the home as your primary... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Because it's 2 separate parcels it's going to be very tough to find anyone willing to do one loan with 2 parcel numbers(At least with competitive terms). When the deed is recorded, it will show the parcel that is collateral for the mortgage note and you can't have 2 parcels. I think these used to be called "blanket loans" or one single loan would blanket or cover more than one lot. My suggestion is after you purchase the property see if you can have the have the lot "merged"-- there is probably a better legal word-- with the lot that has the home. You can take up this process with the county. Then once you have one parcel number, you should be good to refi!Good Luck,Cory BlackburnIdeal Home Loans

Hi Robert, I have one portfolio lender who may complete this as one loan, but it likely wouldn't be the kind of terms you're looking for still I am also suggesting you just purchase the adjoining property and then work on trying to get the lots rezoned to join them; I imagine it's probably not the quickest process to complete, though. Depending on the lot sizes, though, you may want to make sure you don't add too much acreage to the building, as excess acreage is sometimes difficult to account for in the valuation of the property and can sometimes cause trouble with loans in the future; I'm sure if the property is here in Salt Lake you're still fine, but it is something to be aware of. Generally, if you're less than 5 acres total, you won't have any trouble, but you didn't mention the specifics of the lot sizes or location. If I can help you with the process, I'm right here in Salt Lake. You can call me at 801-918-9385 or email at brett@homeloansinutah.com.

My contact in the Salt Lake City zoning department got back to me and said "it is possible to combine the lots. It is called property assemblage." Call me and I can give you the particulars on what he suggested. 801.550.1222 Linda Miller

Assemble the properties, then you will be able to refinance under one loan, assuming the combined value will be greater than the 2 loan amounts.

I quickly contact a couple of lenders I can broker to who are portfolio lenders and they will not combine loans. However, if you purchased the home and through the city combined the lots, you should be able to refinance. This is a process that might take a while and you might want to call Salt Lake City and see what the process is for combining lots. I have a contact at the city and I will email him to see if he has any advise. In the meantime if you would like to move forward on buying the house, please contact me. I can definitely help you with the financing. I am local in Salt Lake. My number is 801.550.1222. linda@lindamillergroup.com.