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trident
Tennessee Fan
Member since Jul 2007
4171 posts

Land loans
Can anyone refer me to a land loan? I’m looking for a greater than 5 year land loan. For purchasing a lot but no intention to build a home on it.


GooseCreekMafia
Louisiana Tech Fan
Member since Jun 2017
205 posts

re: Land loans
Southern Ag credit or Louisiana Land Bank. Whichever one has a local branch.


LEASTBAY
LSU Fan
Member since Aug 2007
9291 posts

re: Land loans
What kind of interest rates can you get for land at these banks?


trident
Tennessee Fan
Member since Jul 2007
4171 posts

re: Land loans
I’ve seen 4.5%


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MaxDraft
Baton Rouge
Member since Aug 2019
444 posts

re: Land loans
Most have min down payment of 25%. Can get up to 20 or 30 yr fixed rate loan for around 4.5% though.


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LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
2761 posts
 Online 

re: Land loans
Is it a “lot” or “land”?

LA Land Bank, when I checked back around 2016, only did “land”, which was large acreage.

I went through Neighbors FCU, but I believe it was a 5 yr loan with a 12 yr amortization (so like a balloon), but I was building within 5 years.


GooseCreekMafia
Louisiana Tech Fan
Member since Jun 2017
205 posts

re: Land loans
I think mine was 7.5 acres for 7 years. Put 10% down interest rate was 4.25 but with your patronage check you get each year it was closer to 3.5


akimoto
LSU Fan
baton rouge
Member since Jun 2010
507 posts

re: Land loans
We bought 3 acres in Lafourche. Zero down at 5% for five years with B1Bank all other lenders were about the same or a little above. We're trying to build now so our construction loan will pay off the lot loan.


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trident
Tennessee Fan
Member since Jul 2007
4171 posts

re: Land loans
quote:

it a “lot” or “land”?


It is 3 separate lots, 20 acres total. Goal is to build on one lot and then pay the rest. So it seems like a little bit of both.


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trident
Tennessee Fan
Member since Jul 2007
4171 posts

re: Land loans
quote:

think mine was 7.5 acres for 7 years. Put 10% down interest rate was 4.25 but with your patronage check you get each year it was closer to 3.5




Who was this with?


OldHickory
LSU Fan
New Orleans
Member since Apr 2012
7691 posts

re: Land loans
Post this on Money Board.


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GooseCreekMafia
Louisiana Tech Fan
Member since Jun 2017
205 posts

re: Land loans
Southern Ag Credit


Contender01
Member since Dec 2017
194 posts

re: Land loans
i use Southern Ag, and recommended them to 3 other people. all 3 was able to secure loans with ease



GooseCreekMafia
Louisiana Tech Fan
Member since Jun 2017
205 posts

re: Land loans
I’ve recommended 2 with the same results. They are very easy to work with.


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BlackPot
LSU Fan
Member since Oct 2016
625 posts

re: Land loans
Bought almost 2 acres a couple years ago. It was through a local bank, now it's B1. 10 year rate, with an adjustment after 5. I'm building soon, so I wont see that 5 year mark.


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Rando
USA Fan
When IPs were Visible
Member since Apr 2015
21402 posts

re: Land loans
Neighbors credit union.

10 acres. 5% 12 years. 0 down.

Financed at maybe 50% equity.

I had to pay of my mother's mortgage when she passed and that was the easiest route.

About to "refinance" by building a home.


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