how hard is it to finance a land-only purchase?

Asked by T. Bythell, Durham, NC Fri Feb 13, 2009

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Mike Sackman, , Beaufort, SC
Tue Mar 24, 2009
A lot depends on how much you can put down. I local lender is offering 90% LTV.
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Michael Gonz…, , Hilton Head Island, SC
Fri Feb 13, 2009
Hi! It depends on what kind of land you are talking about. If it's commercial land for future development, that's pretty tricky. If it's a lot for your personal home for a residence, that's easier. Banks in this area have been hit hard by lot loans that have gone bad, so they are a little skittish. Also, they are not interested in developer loans at this time. Unfortunately, it has to fit in a certain box, but if it fits it can be done! If you can elaborate on the type of land you are referring to, I can be more specific. Thanks!
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