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.