Posted on: 27th Mar, 2009 09:00 am
I am having trouble finding a lender, etc. who will give out a loan on a vacant lot. I want to use this to pay off my debts & do some home repairs. Do you have any suggestions as to which lenders, etc will do these types of loans?
Thank you so much!
Thank you so much!
you can only do a home equity loan if #1, it is your homestead, #2 it has a home on it.
if it is just land, you need to go to a land bank. go to: www.farmcreditbank.com if you are in the us and see if you can find a lender in your area.
i work at a land bank and we lend money on land all the time. it is not called a equity loan, we call it a cash out but land banks can not classify the loan as a equtiy loan.
so, if you find a land bank in your area. tell them you have land that you want to put up for collateral and borrow against. they have many programs and many different ways to pay versus you typical everday commercial bank.
if it is just land, you need to go to a land bank. go to: www.farmcreditbank.com if you are in the us and see if you can find a lender in your area.
i work at a land bank and we lend money on land all the time. it is not called a equity loan, we call it a cash out but land banks can not classify the loan as a equtiy loan.
so, if you find a land bank in your area. tell them you have land that you want to put up for collateral and borrow against. they have many programs and many different ways to pay versus you typical everday commercial bank.
Thank you so much for all your info. I will look up farm credit bank & see. Before I do that, would I be able to go through your employer then?
Thanks again TaWana
Thanks again TaWana
Does it depend on what kind of land it is? Farming, commercial, residential?
Thanks Billjames, it's residential. Do you know who I can contact that handles these kind of loans &/or investments?
Hi kwaz!
Welcome to forums!
Did you speak to the local lenders of your area? This will help you to know what type of rates and terms you may receive for the land loan. If you want, you can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea whether you would get a loan or not. It will also let you know the rates and terms you can expect to get.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Did you speak to the local lenders of your area? This will help you to know what type of rates and terms you may receive for the land loan. If you want, you can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you a fair idea whether you would get a loan or not. It will also let you know the rates and terms you can expect to get.
Feel free to ask if you have further queries.
Sussane
Thanks Sussane for responding. But I have checked with my local lenders, that was the first option I had. I've been online looking for banks, etc. trying to find someone who will do an equity loan off a vacant lot & they are all telling me that they use to do them, but are no longer because of the mortgage crisis. I did find a credit union in colorado where the lot is, but I have to be a resident to get a loan from them. I am in IL. I was just hoping someone out there would see this & be able to help me or guide me to someone they know who does do them. I will continue my search, hopefully I will get lucky...
Thanks again!
Thanks again!
i'd be surprised to know if there are many lenders out there willing to grant a loan on vacant land.
