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rednecksouthpaw
LSU Fan
Denham Springs
Member since Jun 2006
56 posts

Looking for a Lot Loan

I am looking to buy 4 acres. I will be building on it in 3-5 yrs. Any one know which banks I should contact? And what the % rates are going to be. TIA


guesswho
LSU Fan
BATON ROUGE
Member since Apr 2011
1355 posts

re: Looking for a Lot Loan
6.5% and it will be land loan. I couldn't find any banks with good rates for anything over 3 acres.


rednecksouthpaw
LSU Fan
Denham Springs
Member since Jun 2006
56 posts

re: Looking for a Lot Loan
Who did you end up using for your land loan?


guesswho
LSU Fan
BATON ROUGE
Member since Apr 2011
1355 posts

re: Looking for a Lot Loan
Local credit union here in br. Have twenty percent ready fyi.


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
10299 posts

re: Looking for a Lot Loan
My mother just closed on a lot loan with Investar. Again be prepared for a down payment,


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
5612 posts

re: Looking for a Lot Loan
I'm pretty sure LA Land Bank would do something like that.


Scooby
LSU Fan
Member since Aug 2006
1112 posts

re: Looking for a Lot Loan
BancorpSouth. 20% down. 7.1% for 10 yrs


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LSUAlum2001
LSU Fan
Tier BP
Member since Aug 2003
31690 posts

re: Looking for a Lot Loan
Guaranty Bank In Zachary does lot loans.

0 down
Interest only payments but you have to build on it within a year
If you don't, they require 10%


vettegc
LSU Fan
Livingston
Member since Dec 2006
112 posts

re: Looking for a Lot Loan
Yea land loans are higher. E-Federal credit union was 15 years at 6% about 5 years ago when I got mine. They were the lowest I found at the time.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Looking for a Lot Loan
I used E federal Credit Union when we did our lot loan. It was 6.5%. Needed 20% down.


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ATOlurker
LSU Fan
Lafayette
Member since Sep 2005
213 posts

re: Looking for a Lot Loan
Do you have equity in your current home? We took out a HELOC to buy our lot. This way the interest is deductible since the actual loan is on your house. The rate is probably better too.


rednecksouthpaw
LSU Fan
Denham Springs
Member since Jun 2006
56 posts

re: Looking for a Lot Loan
Probably have about $30000 in equity . Not near enough to cover the cost of the land. I have to 20% down payment. Just trying to see what institutions where giving as far as interest rates.


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2080 posts

re: Looking for a Lot Loan
call whitney bank..i dont know the current land rates but 6-7% should be the ballpark


Ford Frenzy
New Orleans Saints Fan
337 posts
Member since Aug 2010
5755 posts

re: Looking for a Lot Loan
why are banks so strict on lending to purchase land when land is your safest investment?


guesswho
LSU Fan
BATON ROUGE
Member since Apr 2011
1355 posts

re: Looking for a Lot Loan
Harder to sell land is why


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Penn
USA Fan
Jax Beach
Member since Jan 2008
22877 posts
Online

re: Looking for a Lot Loan
Because land is just like a boat loan, it's the first thing that goes when something goes bad



Word through the grapevine is Dow is offering arm land loans, rates in the fours and lower


Pretty smart of them, most everyone is know is 6-7


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thibtigerfan
LSU Fan
Thibodaux
Member since Aug 2006
1921 posts

re: Looking for a Lot Loan
I work for a bank that offers land loans, up to 15 years and up to 100% financing depending on price and credit. Rates range from 6.75%-8.75%


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