I live in Florida and We are seeking financing to purchase land adjacent to our house – 2 residential vacant acres. We are seeking what appears to be a unique loan, although I imagine people buy land to expand their existing property all the time. It seems we are going to have to get 2 loans? A cash out refi and a land loan. The land/lot loans we are encountering are 3/1 & 5/1 arms until construction – but we never plan to build on the land. We are having trouble finding a lender who can do both loans – the refi of the existing home to get cash out for 25% down on the land. We do not want to have to pay 2 complete separate sets of closing costs – which we will if we use 2 different lenders. Do you have any suggestions on how we can get this done? On top of that the seller is about to have a lein put against the property due to unpaid medical bills. He is in a hurry to sell it before that happens. He also is willing to negotiate on price because he requested cash under the table (hide from creditors). So instead of paying 250,000 for the land, we'll pay 200,000 and give him $50,000 on the side. Is this legal? If we do this should we have some legal documents drawn up? We were thinking of asking him if we can have the lot put in our name before we purchase it, have it rezoned as 1 lot, and that would make it easier to get financing with just one loan instead of 2. Is something like that legal and could a contract be drawn up to keep things legitimate?THANKS!