OWNER FINANCING - Loan Purchasing Policy

LLS Capital Management, LLC purchases, owns and sells notes secured by first mortgages on land.  The property securing the mortgage notes is LAND ONLY, having no structure used as a principal residence, but is more specifically land defined as rural or recreational acreage.  These notes are purchased by the Company immediately at the time of closing from landowners who sell their land and have taken back a note from the sale of their land.

For the purchaser of land, obtaining financing has been an onerous and difficult task because of the restrictive policies of lending institutions. Large down payment requirements, a long approval process, and a limited understanding of the underlying asset has restricted lending on land.

Landmark Country Land, LLC offers property owners the ability to sell their land with owner financing offered to the purchaser, and to obtain cash for the promissory note resulting from the sale. LLS Capital Management, LLC stands ready to issue to the property seller a commitment to purchase the promissory note upon closing of the land sale based on the following guidelines.

1) Provide executed Authorization for Credit Verification.

2)  Provide a letter of opinion of title from an attorney certifying marketable title.

3) Provide a copy of a survey of the property completed by a NH Licensed Land Surveyor.

4)  Provide a statement of suitability for construction of a state approved septic system, to be provided by a NH Licensed Septic System Designer.

5)  Provide a copy of the Promissory Note.

6)  Provide a copy of the Mortgage Deed.

7)  Provide a copy of the Warranty Deed.

Current terms for purchase of closed loans by LLS Capital Management, LLC are as follows:

Minimum down payment applied to the land sale: 15%.

First mortgage security interest to be assigned to LLS Capital Management, LLC or it's assigns.

Fully amortized note terms can be up to 120 months.  Longer amortization terms are available with a balloon payment after 7 years.


CALCULATE YOUR LOAN HERE

 
All loans purchased will be at a discount of .92 of the loan amount.

Promissory notes may have a term of up to 360 months, if a balloon clause provides for full satisfaction of principal and interest not exceeding 84 months. 

Loans are not to have any prepayment penalty.

Loans are to have a $30.00 late penalty after a 10-day grace period.

Mortgage Deeds securing the loans are to provide for a maximum of 10 cords of wood per year, to be harvested from the land securing the note until the note has been satisfied.

Loans that provide for up to $6,000.00 for completion of an on-site well, and up to $7,000.00 for completion of an on-site state approved septic system will be purchased if an additional down payment of 10% of the land sales price has been made. Additional down payment requirements for well & septic system financing should not reflect a lower interest rate than provided for above.

Credit quality parameters for the obligor(s) on the promissory note are less stringent than lending institutions. This is because, in part, the purchase of these closed loans are considered an asset based transaction, with the underlying value of the land being a basis for adequate security for the loan purchaser.

It is important to consider all costs of your land sale, including land sales commission, loan sale discount and other ownership and transfer costs when pricing your Land.