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.

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Posted by snake2985

Member since Jan 2011

334 posts

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.

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Posted by hawkeye007

Member since Feb 2010

5851 posts

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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Posted by ConfusedHawgInMO

Member since Apr 2014

3495 posts

Posted on 6/15/18 at 10:36 am to Simon Gruber

Louisiana Land Bank

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Posted by ItNeverRains

37069

Member since Oct 2007

25444 posts

Posted on 6/15/18 at 12:15 pm to snake2985

quote:
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.

potentially. most home loans are for 12 months. if you secure lot with construction loan, you need to have plans drawn and builder ready to go, ready to pull permits and any deed restrictions clearly understood.

I've seen some things, man...

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