Any ideas how to finance the purchase of a vacant lot (to eventually build home on) when I already own a home?

Asked by Moving On Down, Delafield, WI Tue Jun 9, 2009

that would not have enought equity for a loan that size? Would I have to sell my current home first? What are my options?

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David Belman, Agent, Waukesha, WI
Fri Jun 25, 2010
A few of the banks I deal with have fantastic rates (under 4%) on 5 year loans with fixed rates, provided you qualify. If you haven't spoken to a couple of banks, then I would recommend you do so. (I would be happy to share some lenders that I work with.) If you do not qualify then look into seller financing. If it is a developer selling, definitely check with them. They may be willing to work out a deal to move a property. Especially these days with lots not moving as quickly as in the past. You may pay a slightly higher interest rate for owner financed but as soon as you sell your home you could pay off the seller financed loan and wrap it all up into a construction loan. That way you can get this lot tied up that you like. If you need a good builder, I would be glad to assist. We would also be willing to walk the lot to make sure your home would fit on it and advise you on the improvement costs. We do custom homes and semi custom homes off our plans. Good luck to you!
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Vicki, Home Seller, Dousman, WI
Sat Aug 8, 2009
We actually have a vacant lot in Dousman, in a subdivision that is only about three years old. Do you have a lot in mind, or are you open to looking at ours? August 8, 2009.

Vicki at
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Brad Koenig, Agent, Brookfield, WI
Wed Jun 10, 2009
Most local banks can still do vacant lot loans. Usually they are only 5 year loans. You can check with my lender. His info is below.

Matt Gaulke
Great Midwest Bank
Branch Manager-Mortgage Loan Officer
600 Hartbrook Dr. Hartland, WI 53029
Office: 262-367-4200
Cell: 262-844-3984
Fax: 262-367-9079
8 Visit my Website

Brad Koenig
First Weber
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Andrew Distad, Other Pro, La Quinta, CA
Wed Jun 10, 2009
If you can't get bank qualified see if they can seller finance.

If they won't seller finance then tell them they can sell their promissory note for a lump of cash.

(but only if they make it with the right terms like a good down payment and interest rate, etc.)

I actually buy seller financed notes if you have any questions about it.

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Kathi Panor, Agent, Summerville, SC
Tue Jun 9, 2009
There are several lenders out there that give lot loans.
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Anna M Brocco, Agent, Williston Park, NY
Tue Jun 9, 2009
Have you visited with a loan officer yet, if not now is the time.

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