Posted on: 26th Jan, 2010 04:56 am
In divorce I must pay my ex $175,000. I have 168 acres ranch land with water acess barn and highway frontage in the city limits. It is paid for and all taxes up to date. Can I get the loan I need on it. I have not had it appraised but I'm sure it's worth $2000. per acre and probably much more. Thanks Happy
Probably yes. Check with a lender or mortgage broker.
land only is a difficult thing to secure a loan with. that's not to say it's impossible; but many lenders are reluctant to take as collateral anything that lacks a building, and - even more likely - that lacks a dwelling.
Hi Happy,
It is quite difficult to get a loan using a raw piece of land as collateral in this market. Lenders may not want to offer a loan against the land, even though you have very good credit scores and income. But there could be certain lenders who may offer loans against land. I'm not aware of any such lenders, but there are a number of lenders in this forum with whom you can go for a no-obligation free mortgage consultation and check out if any of them can give you a loan against the land.
It is quite difficult to get a loan using a raw piece of land as collateral in this market. Lenders may not want to offer a loan against the land, even though you have very good credit scores and income. But there could be certain lenders who may offer loans against land. I'm not aware of any such lenders, but there are a number of lenders in this forum with whom you can go for a no-obligation free mortgage consultation and check out if any of them can give you a loan against the land.
my opinion of this is that you'll probably end up with a hard-money lender, as those seem to be the only ones willing to take a flyer on financing with land as collateral. be prepared to pay a premium interest rate, however - credit score might help in acquiring the loan, but you are looking at double digits no matter what, i think.
the best way to find hard-money lenders? if you have friends in the mortgage business currently, you can ask to see if they know any such lenders. otherwise, do an internet search - perhaps specifying that you wish to borrow using land as collateral in your search description.
the best way to find hard-money lenders? if you have friends in the mortgage business currently, you can ask to see if they know any such lenders. otherwise, do an internet search - perhaps specifying that you wish to borrow using land as collateral in your search description.