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Best way to finance recreational land
Posted on 1/7/13 at 4:59 pm
Posted on 1/7/13 at 4:59 pm
What is the best way to finance land for recreational use (hunting). No improvements will be made. What are the typical loan rates for this type of land?
2
Posted on 1/8/13 at 12:22 am to BayouNation
I've been looking into it, but others will be able to give better opinions. I''m finding that they are much more difficult than a home loan, require 20% down at at minimum and It's tough get fixed rate terms over 7- 10 years.
I'm sure a land bank may offer better options.
I'm sure a land bank may offer better options.
Posted on 1/8/13 at 8:30 am to CajunAlum Tiger Fan
quote:
I've been looking into it
Do you mind sharing what you find out?
quote:
I'm sure a land bank may offer better options.
What is a land bank?
Posted on 1/8/13 at 8:51 am to BayouNation
Posted on 1/8/13 at 10:19 am to yellowfin
Posted on 1/8/13 at 4:57 pm to yellowfin
Does anyone know the fundamental reason that it's more difficult to finance land-only over a home mortgage? Do the banks see land as being less "liquid" than a home from a risk perspective?
(Good links on the land banks)
(Good links on the land banks)
Posted on 1/8/13 at 7:34 pm to CajunAlum Tiger Fan
More likely to default on recreational property than primary residence I would assume
Posted on 1/11/13 at 1:48 am to yellowfin
20% down if you are strong, more if not. Rates will be higher. Some banks are no longer loaning on timber value, but that probably depends on the client as well.
If you have not located a tract yet, it might be worth looking in an area where recreational tracts (good soil nutrients for increased carrying capacity, water features, etc) have kept their values.
And taking your loan officer hunting or fishing might help.
If you have not located a tract yet, it might be worth looking in an area where recreational tracts (good soil nutrients for increased carrying capacity, water features, etc) have kept their values.
And taking your loan officer hunting or fishing might help.
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