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Lot loans for Baton Rouge area property?
Posted on 6/19/17 at 12:05 pm
Posted on 6/19/17 at 12:05 pm
A friend of mine is interested in purchasing a lot (subdivision is being developed) and wants to "sit" on the lot for a short while until 10 or so houses are built in the new neighborhood he is considering.
That said, I recommended Louisiana Land Bank and Guaranty Bank for potential lot loans. I'm not aware of what interest rates are for lot loans, so I could not help him there.
Does anyone have an idea and what are the requirements? I imagine 10 to 20 % down? Also, are there any other banks that he should consider as well that may be able to beat Louisiana Land Bank or Guaranty Bank?
That said, I recommended Louisiana Land Bank and Guaranty Bank for potential lot loans. I'm not aware of what interest rates are for lot loans, so I could not help him there.
Does anyone have an idea and what are the requirements? I imagine 10 to 20 % down? Also, are there any other banks that he should consider as well that may be able to beat Louisiana Land Bank or Guaranty Bank?
4
Posted on 6/19/17 at 12:30 pm to Will Cover
I used neighbors and it was zero down
Up to 10 years and my rate was ~5% if I remember right
Up to 10 years and my rate was ~5% if I remember right
Posted on 6/19/17 at 12:55 pm to Croacka
Thank you, I'll pass this information along. I believe he is most interested in an interest only loan as he plans to finance the lot into his permanent financing once construction of his home is finished.
Posted on 6/19/17 at 1:17 pm to Will Cover
Check out the dreambuilder process at Midsouth bank
It was another alternative we looked at
ETA: it may require building within a certain timeframe though as most interest only loans probably do
It was another alternative we looked at
ETA: it may require building within a certain timeframe though as most interest only loans probably do
This post was edited on 6/19/17 at 1:19 pm
Posted on 6/19/17 at 1:22 pm to Will Cover
From my credit union:
TELCO
to compare, curent 30 year rate
TELCO
quote:
Land or Lot Fixed Rate 5 Years Up to 80% 6.75% 7.637%
to compare, curent 30 year rate
quote:
30 Year Fixed Up to 95%** Up to $99,999 4.000% 4.128% $100,000 to $199,999 3.875% 3.979% $200,000 to $424,100 3.750% 3.842% $424,101 to $1,000,000 4.000% 4.087%
Posted on 6/19/17 at 2:40 pm to tigeraddict
I also used Neighbors. 0 down and 5%. 12 year loan.
Friends used Peoples Bank. 5% down, around 5% interest. Amortized over 15 years, interest only for 12 months with a balloon payment. Neighbors has a similar option.
When I checked, LA Land Bank would not finance a lot like this.
Friends used Peoples Bank. 5% down, around 5% interest. Amortized over 15 years, interest only for 12 months with a balloon payment. Neighbors has a similar option.
When I checked, LA Land Bank would not finance a lot like this.
Posted on 6/19/17 at 8:51 pm to Will Cover
Iberia Bank, they are very honest and their officers don't work off of commission.
Posted on 6/19/17 at 9:06 pm to Will Cover
MidSouth had best deal when I was shopping
Posted on 6/20/17 at 6:51 am to yellowfin
Thanks all. I'll pass this along.
Posted on 6/21/17 at 4:51 am to Will Cover
If there are covenants make sure there is not a timeline to start construction after purchase. Most developers do not want empty lots sitting and have a finite amount of time to start and finish construction.
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