Posted on: 19th Apr, 2007 10:24 pm
My Wife and I own 33 acres of raw, rural,agriculture land. We have about $45,000 in revolving debt that we would like to consolidate into one payment and use the land as collateral. We have checked with several banks and none are willing to do anything. Does anyone know of a good lending institution that would accept land for a personal loan?
Welcome Matt,
Usually personal loans are not secured by real estate. You may find a few creditors allowing it.
Most personal loans are offered without any security. However, there are some creditors who ask for security being offered by personal property.
If at all, you are interested in taking a loan with the land as collateral, you may go for a debtconsolidation loan which is secured by real estate. But do remember that this type of loan involves your home and the repayment period is quite long. Therefore you need to pay a lot of interest, thought the interest is spread over the entire loan term.
Usually personal loans are not secured by real estate. You may find a few creditors allowing it.
Most personal loans are offered without any security. However, there are some creditors who ask for security being offered by personal property.
If at all, you are interested in taking a loan with the land as collateral, you may go for a debtconsolidation loan which is secured by real estate. But do remember that this type of loan involves your home and the repayment period is quite long. Therefore you need to pay a lot of interest, thought the interest is spread over the entire loan term.
If you are looking for some personal loan, why do you want to keep your land as collateral. Personal loans are available without any kind of collateral.
Ryan, I believe the original poster was mis-stating the terminology. They would like to see if they can get a loan where raw land is used as collateral. It would not be a "personal" or unsecured loan if they did that.
What Ryan is trying to point out is that a personal loan is something perhaps you should also consider. I don't know of any loan program allowing for cash out against raw land.
What Ryan is trying to point out is that a personal loan is something perhaps you should also consider. I don't know of any loan program allowing for cash out against raw land.
How can I obtain a loan using my raw land as collateral though I' not in debt?
Hi Rashaad,
You will have to look for a land loan. You can contact lenders who offer land loan and check out the terms and conditions of the loan. It would be better if you could speak to quite a few lenders of your area. This will give you a fair idea about the market rates.
You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates and terms you would receive when you apply for loans.
Take Care.
You will have to look for a land loan. You can contact lenders who offer land loan and check out the terms and conditions of the loan. It would be better if you could speak to quite a few lenders of your area. This will give you a fair idea about the market rates.
You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates and terms you would receive when you apply for loans.
Take Care.
Loan on re fi Raw land
Your query is not clear to me. Can you explain it in details, please? It will help me to give my suggestions.
I have 11 acres in Appling GA (columbia county) that is undeveloped but it's cleared forest with a stock pond surrounding property. It's completely paid off and I paid over 273,000. Who do I contact who can help me? I have legal fees and some debt I'd like paid off.
I see that most of these post are a few years old, does anyone know if anyof these people were successful in finding loans?
Lew, you'll see that this is often the case; a lack of data concerning the outcomes of some of the queries that come in.
Unless one of those who originally posted is still viewing the site, I doubt you'll find much evidence one way or the other relative to who did or didn't succeed in finding financing.
Unless one of those who originally posted is still viewing the site, I doubt you'll find much evidence one way or the other relative to who did or didn't succeed in finding financing.
