Do you live in Florida? A number of banks down here will do vacant lot loans. I believe AmSouth is one of them. If you want to get your loan from another source, it's usually just like any other real estate loan. You may need as little as 5% down depending on the financial institution. Please do yourself a favor and stay away from the on-line lenders.
I agree with the other writer. I would not install septic or electric until you are ready to build. Someone else may come along before you and pay for the electric installation saving you a bunch of money. In Florida, FPL will install a certain length for free. After that you have to pay. Likewise with septic, you may install a system today only to have the requirements change a year or two down the road and if you haven't built yet, you might find yourself installing a new system.
Charlotte County (FL) changed some regulations a few years back and some people would find themselves digging a new system if they had installed an old standard type septic system.
Hope this helps you.
For more information feel free to visit my website at
Jim Reske, Realtor
ERA Advantage Realty
Port Charlotte, FL
Go to the bank!
If you go to www.lendingtree.com they have several options for loans.. and can help you get a loan for land and money to borrow. I always use lendingtree.com for all my financing needs.. they rock!
First go to city hall or the county office...power and water might be installed there soon...so it may be wiser to just wait it out. If the county is looking to sell these parcels of land then there may be financing programs already in place...u just need to go talk to the right people at the county office. (i'm assuming the land isn't already owned by a private party).
ASK ABOUT LAND CONTRACT THE OWNER CAN SELF FINANCE THE INPROVMENTS AND IF THE APRASIL IS HIGH THERE YOU CAN GO
lol... seriously... go to the bank. You may be surprised that if you're getting this property at a good price, the bank may look at it as already having equity and give you the loan!
Remember, usually you need to have at least 40 - 50% down on vacant land. If you currently own a home or property, you may want to take a Home Equity Line of Credit (HELOC) out on that property to purchase this one.
If not, what is your plan for the property? Are you going to build on it? If so,l you may want to get with the builder and then set up a construction loan with your local bank to purchase the land and then build the home. Make sure that the loan converts to a conventional fixed loan upon issuance of the Certificate of Occupancy (CO). That will save you lots of $ in the long run, since construction loans are usually much higher interest.
The highest LTV you can get on unimproved raw land is 65%. You can request an ADC loan which is an acquisition and development loan and the applicable LTV may shift to max of 75%. Try local banks in the area....
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