Land only loan??

[Sea Draggin]

I need one today. Can anyone help me out or at least post up rates. Just send me a PM.

[Wireman]

I don't know of any lenders that will loan on a vacant piece of land right now, at least not in Florida anyway. Not sure about NC. You may have to be a cash buyer to secure it, unless you find a seller willing to hold the paper.

[perfectscore]

line of credit on a property or asset you already own. Call Select mortgage in nj. They are a mortgage banker and can do alot of stuff. the write in other states then nj.

[Ace1st]

Jim, in this economy, your best bet is probably your hometown lender. Depending on the relationship you have with them. Id try there first.

Just some questions, how large a parcel and how much you got to put down on it?

Would the owner consider all or partial owner finance?

[Sea Draggin]

Thanks everyone. I have an existing loan that came due and they want to raise my rate, even though I have never been a day late with one single payment.

I want to shop around a little. I'm going to check on the line of credit thing tomorrow and a PM lead that I got.

If all else fails, I'll have to take the higher rate, even though interested rates are lower today than when I got it 5 years ago.

[Wesco]

Jim,

Probably gonna be tough to get a loan right now on raw land. Builders in Wilmington are having a hard enough time getting construction loans. Like the above post, I would try your hometown lender or whoever you do your banking with. Use you checking/saving account as a negotiation tool. If a bank really wants your banking business then they should be willing to help out.

[Sea Draggin]

Thanks. My existing banked called today and I layed out my arguement: good credit, never missed a payment with them in 5 years, lower rates today than 5 years ago.

They said, "thats why we are only raising it 2%."

[Agitated88]

Thanks. My existing banked called today and I layed out my arguement: good credit, never missed a payment with them in 5 years, lower rates today than 5 years ago.

They said, "thats why we are only raising it 2%."

That $%*@ just piss's me off!!! Banks are getting 0%...I repeat ZERO PERCENT loans from the Fed and they want to raise your interest rate!!! Give me a frigggine break...good luck to you!