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Lenders for Residential Land purchase
Posted on 6/14/18 at 8:46 am
Posted on 6/14/18 at 8:46 am
I’m looking to borrow money to buy a lot for a future home. 1/2 acre to 1 acre in south east LA. Any good lenders doing land loans? I’ve already contacted Midsouth bank and they are not doing land loans at this time.
Posted on 6/14/18 at 9:01 am to Simon Gruber
You should be looking for a "lot loan" from the banks. I have used my local credit unions when I purchased land for future development. If you plan to build within the next year, you could also get a "construction loan" which would purchase the lot and finance the construction of the house.
Posted on 6/14/18 at 11:06 am to Simon Gruber
Whitney Bank, Guaranty Bank are the 2 banks that offer lot loans and land loans, there is a difference between the 2 and the terms are based on the type of land.
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