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Lot Loans

Lot Loans

There are two types of land, the first unimproved land or raw land that has no added improvements such as sewers, utilities, streets, curb and gutter. This type can be the most difficult to obtain a loan for and will typically require more down payment and a higher interest rate. The second type, improved property zoned for residential use, may be easier to finance. Land loans usually have a 10-15 year term and may require between a 20-50% down payment. As an inducement for the borrower to return to the bank for the construction loan, the lender may provide a credit for fees paid on the lot loan toward the construction loan.

 

 

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Easements and access may influence the property’s value and your ability to get a loan. 

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