- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Rates/Terms for Loan on Undeveloped Land
Posted on 12/15/20 at 8:44 am
Posted on 12/15/20 at 8:44 am
I am looking at buying around 40 acres in a place to potentially build a vacation house. The plan is to build in like 2-3 years.
What kind of vacant land terms and rates are available? I could put 10% or 20% down. Hell, we could pay cash but if rates on undeveloped land aren't bad, I'd rather go that route.
What kind of vacant land terms and rates are available? I could put 10% or 20% down. Hell, we could pay cash but if rates on undeveloped land aren't bad, I'd rather go that route.
2
Posted on 12/15/20 at 8:52 am to El Segundo Guy
I would talk to a land bank about that. a traditional bank is only going to want to lend ~65% of the value.
Posted on 12/15/20 at 9:00 am to Hermit Crab
Thanks. It's not near where I am now, so I will make some phone calls. I'm just trying to get some information because we are flying out here soon to look at it.
Posted on 12/15/20 at 9:49 am to El Segundo Guy
Call me 318-366-5225. I'm a lender on rural real estate and can do loans anywhere in the country.
Posted on 12/15/20 at 9:51 am to El Segundo Guy
Louisiana Land Bank was 4.875 at 15% down for 20 years when I checked back in April.
Posted on 12/15/20 at 9:56 am to Lender225
quote:
Lender225
How about tell us what some potential terms might look like on something like that
Posted on 12/15/20 at 10:33 am to AUjim
I can do everything from 1 month variable rates to 30 year fixed rate loans. The exact rate depends on the credit profile of the borrower. Rates are at an all time low right now and are ranging from the mid 2's up through the mid 4's and vary depending on the loan product chosen by the borrower. We have over 40 different options for amortization, term, and time rate is fixed.
Posted on 12/15/20 at 11:01 am to Lender225
Thanks dude-we're just now starting to think through a piece of land to build our retirement home, which will be rural...
Posted on 12/15/20 at 12:41 pm to AUjim
No problem man. How many acres are you looking at?
Posted on 12/15/20 at 1:50 pm to Lender225
Depends on several variables, but I don't see it being over 20.
Posted on 12/15/20 at 5:44 pm to Lender225
Not to derail the thread but does the amount of acres affect the terms? I’m looking at land too and have heard people mention this.
Posted on 12/15/20 at 7:07 pm to GAFF
Yes because it impacts the loan amount. Our minimum loan amount is $80k for new customers. So if someone was looking at 5 acres of pine trees somewhere rural, it wouldn’t qualify. If your buying a house and a couple acres then you should just get a home mortgage. Large loans can qualify for different products as well.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News