Home Buying in Brooklyn>Question Details

Liz santiso, Home Buyer in Brooklyn, NY

Can land be used as collateral?

Asked by Liz santiso, Brooklyn, NY Tue Mar 24, 2009

I own 10 acres with a friend and 5 acres with my family. I own it outright nothing is on it. Can I use it? I would like to purchase something in BK.

Thanks

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Hi Elizabeth,
Loans of that sort are "out of the box" for most "regular" lenders. As such the lenders that will entertain are private money/commercial.
The rates for these loans are normally very high and the terms are not so favorable.
If you see yourself paying the loan off in 1-2 years maybe the idea is worth considering. Otherwise i would look at other sources.
Hope this helps,
Shai.
0 votes Thank Flag Link Tue Mar 24, 2009
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