I'd like to get a line of credit against my land property, very much like home line of credit. Is there such a thing? I think some hard money lenders will do it, but I'd rather not pay 9-15% interest rate... Is there a conventional bank that has a product that will help me?
You have already found the answer!
National Lenders will not lend on raw land and only some Hard Money Lenders will!
BUT, there may be a local Bank or Savings and Loan who will look at your total financial picture and make the loan. Start with the local Bank/S & L where you have your accounts.
Best wishes.
Probably not anything more than what you've already been offered.
Banks prefer to issue lines of credit at their most favorable rates against a person's home for the very same reason that most people would prefer to not use their home as collateral. The bank knows/feels that a person is less likely to have their home foreclosed on, whereas they don't have quite the same emotional ties to an empty piece of land.
Try your bank's personal banking department. They can often come up with more creative lending ideas than your typical retail branch employee.
No comments:
Post a Comment