Posted on: 22nd Sep, 2009 05:48 pm
can you borrow money on vaccant land
Yes probably
Hi candy,
It will not be very easy to borrow money against a vacant land. There are hardly any lenders doing land loans in this market. If you want to use both the land and the home as you security for the loan, you will find lenders who will lend you money. But getting loan against vacant land will be difficult.
It will not be very easy to borrow money against a vacant land. There are hardly any lenders doing land loans in this market. If you want to use both the land and the home as you security for the loan, you will find lenders who will lend you money. But getting loan against vacant land will be difficult.
yes you can get loan though it is little difficult but that land should be dispute free
jenkin has the right answer. you may find a lender willing, but you'll not find particularly pleasant rates.
lending on raw land is high risk.
lending on raw land is high risk.
very hard to find a willing lender, i say find your own investor to go in on it with you will be much easier
They are also hard to find Christine
i'd be pretty skeptical about that approach, anyway.
Probably any investor would be for sure in this market condition
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If this is such and important topic for all of you, which it should be since its how you make your money there should be no reason not to become a member of VerifiedLenders.com which will help you weed out the bad lenders and locate the best ones quicker but also support them since they are making the industry better. Since I became a member I found out most of the lenders I was dealing with were not funding loans for many months if not ever but now I have a found a whole new network of lenders that fund a lot more loans more often which helps my funding ratio!
Good Luck!
forgive my skepticism, guest. first of all, the public can have "free" memberships for a period of time, and then there's a fee...i didn't dig enough to find out how big a fee.
lenders have to advertise with this site in order to be rated, it appears. how many lenders have time to deal with this?
and by chance, do you work for this lovely company?
lenders have to advertise with this site in order to be rated, it appears. how many lenders have time to deal with this?
and by chance, do you work for this lovely company?
Re: raw land, wouldn't it all depend on the size of the loan you're looking to get?
if you are asking "is there less risk with a lower loan amount?" the answer is no. the risk is not in the loan amount - the perceived risk (key word there) is in the land itself.
all mortgage risk is perceived risk. you may be well able to pay your bills forever, willing to go the extra mile to do so, and end up never missing a payment. nevertheless, because you are trying to borrow against raw land, it's a risky loan in lenders' eyes. buy a house and the risk is far less.
it's how lenders look at it.
all mortgage risk is perceived risk. you may be well able to pay your bills forever, willing to go the extra mile to do so, and end up never missing a payment. nevertheless, because you are trying to borrow against raw land, it's a risky loan in lenders' eyes. buy a house and the risk is far less.
it's how lenders look at it.
Totally agree with George