Can land be used as collateral?

The land belonged to my father and was recently deeded to myself AND my brother and sister. Can I use that as collateral for a bank loan?

Since you capitalized the "AND" in your question, I assume you mean that you have a one third share of an undivided piece of property.

If your loan is a mortgage to buy out your siblings shares, then yeah, the land can be collateral.

Otherwise, your brother and sister, AND THE BANK, would all have to be nuts to allow you do such a thing. Just think of the mess for all of them if you default. They would then be mired in partnership not of their intending.

I would think that you will have to be a real sweet talker to make this deal. But hey, you can try.

Yes as long as you can prove you own it.

Yes

You certainly can. Use it wisely!

yes it can

If you own the land with your brother and sister you'll need their approval to use it as collateral. You don't own it's full value, only a third.

Only your portion. The land will have to be surveyed if the bank requires it which may cost thousands of dollars. I work for a land surveying company and using land for collateral is kinda hard sometimes...It depends on what kind of loan you are trying to get!

It depends on how much equity you have in it. Ask a loan officer about HELOC loans or closed end second loans. They subtract the appraised value of the property from what is owed on the property and that is the amount of your credit line. You can get this information easily off the internet. You can use the money for anything you want even a car.

as long as you have the paperwork i dont see why not