vacant lot loans, rates and terms

Financing, Hard Money Lenders, Private Money
1

I’m getting ready to get a vacant lot loan and haven’t done one in several years. The purchase price is $400,000 and I’ll be putting down about $200,000. Does anyone know what current rates and terms are and if no docs loans are available?

2

You shouldn’t have any problem finding a lender who will do a 50% LTV first lien on the land.
Check your local banks first, then spread out to savings and loans, credit unions, commercial banks, land only lenders, and then HML’s.

Depending on your location you’ll probably look at something between prime +1 up to as much as 18% in the order of lenders listed above.

Good luck,

Craig

3

thanks

4

Check Wachovia. They have a good lot loan program.

5

Webster Bank is pretty good out of CT. I had a land loan with them recently and I was paying 6.5%. not bad.

good luck