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Terms for a land only loan?
Posted on 7/19/15 at 10:04 am
Posted on 7/19/15 at 10:04 am
Found a lot in an subdivision I want to buy and hold for a while. It is the last lot in a place i really want to build. I can't wrap it into a construction loan bc I probably won't build on it for a year or two at least. I know i'll need to go thru a local bank. What length of loan,down payment, and rate should I expect? Thanks
4
Posted on 7/19/15 at 10:14 am to ashy larry
I used Bancorp south. 10 year loan with 20% down. HELOC rate which was 7% for me.
Posted on 7/19/15 at 10:42 am to ashy larry
MidSouth bank is doing 0% down and 4.25%
Interest only payments for 2 years
Interest only payments for 2 years
Posted on 7/20/15 at 5:19 am to ashy larry
Make sure if hood has covenants you read them carefully. Most will require construction to start within "x" amount of time after lot purchase
Posted on 7/20/15 at 9:26 pm to ashy larry
Our land loan loan through Iberville Bank was 5.25% for 15 years, 10% down.
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