Posted on: 29th Mar, 2010 09:34 am
I currently own 102 acres of land that I would like to use as collateral for a loan. The state appraised value of the land is around $200,000.00.Please give me the names of some lenders that would grant me a substanstial loan using my land as collateral.
Hi andrette,
You will have to contact the lenders of your area and check out the amount of land loan you would be able to get. You will be able to get a loan provided you satisfy the lending requirements. You should have a good credit score, around 700-720, in order to qualify for a loan. Apart from this, the lender will also check your financial stability, debt to income ratio, etc. before approving you for a loan. If you satisfy the criteria, it would be easier for you to get a loan.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether or not you would be able to get a loan.
Take care.
You will have to contact the lenders of your area and check out the amount of land loan you would be able to get. You will be able to get a loan provided you satisfy the lending requirements. You should have a good credit score, around 700-720, in order to qualify for a loan. Apart from this, the lender will also check your financial stability, debt to income ratio, etc. before approving you for a loan. If you satisfy the criteria, it would be easier for you to get a loan.
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether or not you would be able to get a loan.
Take care.
I have 11 acres and I want to get at least 15000, or more to put all my bills together
Welcome kathy,
You can take out a land loan using the 11 acres as your collateral. The money that you receive can be used to pay off your bills.
You can take out a land loan using the 11 acres as your collateral. The money that you receive can be used to pay off your bills.