Land financing question

Let me start by saying every single experience I’ve had with using a real estate agent left me feeling like I was getting screwed..... but in this case, If you are familiar with the area, I’d find a realtor and have them answer your questions and work with them to make those decisions.

Best of luck to you!

If you have the cash, you may want to approach the bank that you deal with and ask them to do a savings or CD secured loan for the purchase of the land. The rate will be the lowest possible, and the money will still be in the bank (albeit, frozen to secure the loan). As the loan pays down, the money would become available. You could even do a mortgage on the property and pledge it to the loan as well. That way, if you would need access to the funds, the bank would still have the land as collateral and would be more likely to allow you to access the funds.

You've been given sound advice about the two entities that will lock the lowest rates for the longest terms and they are both good.

I'll give you one caveat to that though, depending on the size and the complexity of what you want to do, they both will take the longest to get the deal approved and ready to close.

If you are seeking to move quickly on something, I'd finance with a local bank short term and then roll it over to LLB or FSFC.

Good - fast - cheap:pick any two.

The two mentioned are good and "cheap" (lower rates), what I mentioning is good and fast, but not the cheapest.

Choose accordingly.


If you are looking for a real estate agent, find one that specializes in what you are buying, that will listen and not try to sell you something you aren't asking for.