possible to get a loan against vacant land? - Posted by Rommel Gonzales

Real Estate Investing Real Estate Financing
#1

Posted by Rommel Gonzales on May 15, 2007 at 12:57:53:

Thanks Jaime for all of your help. I’ve found people that will give a loan, but it seems that I cannot find someone who will do a line of credit. Which credit union do you use that would allow the LOC?

Thanks,
Rommel

#2

possible to get a loan against vacant land? - Posted by Rommel Gonzales

Posted by Rommel Gonzales on May 08, 2007 at 13:25:55:

I am just starting out and all of the money I made on my first deal is tied up in my condo, with access to it coming from a HELOC. I’m closing on my next deal in the end of June and am using my HELOC to fund everything, with credit cards coming in only as an emergency fund. Any other credit that I can have extended to me with better terms than my credit cards would serve me well at this point.

Now, my parents own free and clear a vacant residential lot, that I will acquire from them in the near future. In 2004, my dad had a friend in the area get the land appraised which came out to $36,000.

My question is, is it possible to take a loan/line of credit out against it (without the intentions of building on it any time soon)?

If so, what kind of LTV and interest would I be looking at?

Any contacts that will allow me to do this?

I am in West Bend, WI, and the land is in the Galena Territory in Galena, IL. Don’t know if my credit score matters but it’s mid 700’s.

#3

Re: possible to get a loan against vacant land? - Posted by JCnord

Posted by JCnord on May 10, 2007 at 14:46:58:

Yes, it is possible…

I have arranged for a simple mortgage on building lots or raw land at 50% LTV or 75% LTV on serviced lots. Standard Mortgage, 20 years, prime -.75%… My credit union is also willing to do this as a LOC.

All the best,
Jaime White

#4

possible to get a loan against vacant land? - Posted by peter

Posted by peter on May 09, 2007 at 24:25:21:

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