What is a competitive interest rate for a vacant land loan with a 10 year term, 20% down, and excellent credit?

Asked by Jeff, Ann Arbor, MI Fri Jan 18, 2013

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Tom Stachler,…, Agent, Ann Arbor, MI
Sat Jan 19, 2013
Check with Greenstone Credit who does a lot of vacant land. http://www.LendAnnArbor.com and let us know if we can be of any help finding property for you.
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, ,
Fri Jan 18, 2013
There are not too many lenders in the market lending on land. And more than likely, they will require much more than 20% downpayment. My best bet is look online, for the very few lenders that still takek risk on vacant land.
Interest Rates are also a reflection of the risk that an entity is willing to take. So, for anyone serious to give you relevant information, would have to take a complete application, to see the four factors of analysis: Credit, Income/Employment, Assets and Collateral. With this information, they should be able to determine, LTV, DTI, and other risk indicatives.
Good Luck.
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