I have a 5 ac. building lot that I would value at the $75K range. I own it free and clear. I do not want to sell it but would like to borrow against it. My local bank is staying completly away from this kind of deal. I would be more interested in a line of credit type deal.
What would be my options?
Would any national/local banks do something like this and if so what would it be called?
My local banker mentioned possible commercail loan?
In your experience what kind of terms for something like this?
I’m just looking for some insight before I talk to a lender and blow it due to my lack of knowledge on the subject and feel if I knew more about what I was after I would be able to ask better questions to the lender.
Thanks in advance.