Posted on: 24th Nov, 2009 11:11 pm
I have 4 acres of undeveloped land that I need to get a loan on. It's assessed at $23,700, which is below market rates for that area. I have a good credit rating, but at the moment I am in a bit of a gap as various projects are still in process (I'm not building). What is the going rate for such a loan? There is very little chance that the lender will end up with the land and I would happily give a generous rate if I could get any sort of decent loan o the property. How much could I expect to get as a loan? I know it won't be as high as I would like, but since I'm expecting to pay it off within a year or so, I'm not too worried about it. Any suggestions? The land is located in a growing community in Iowa.
Hi gayatri,
You'll have to contact Iowa based lenders and check out the rates going on for such lands. They would be the right persons to help you in this regard. You can even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would qualify for such a loan.
Take care.
You'll have to contact Iowa based lenders and check out the rates going on for such lands. They would be the right persons to help you in this regard. You can even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would qualify for such a loan.
Take care.
Thanks!