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rtworkshops · Joined: 12 Nov 2009 Posts: 2 1.40 Dollars($)

We own land that is currently worth about $175,000. It is fully paid off - in HI, with ocean view. Have had a major financial set back and need to get a loan against the land. Is that possible? Not for full amount obviously, but would like $50,000.

jenkin7 · Posted: Thu Nov 12, 2009 10:47 pm Post subject:

Hi rtworkshops,

As there is enough equity in the land, you can definitely take a loan against it. But there are not many lenders who still offer loans against land in this market. You will have to do an extensive search to find out a lender who still offers land loans. The interest rate on such loans is generally a bit higher than normal.

rtworkshops · Joined: 12 Nov 2009 Posts: 2 1.40 Dollars($)

any idea where to look for such a lender? MUCH much appreciated

gmakerley · Posted: Fri Nov 13, 2009 12:46 pm Post subject:

jenkin you said "definitely" but our poster indicated that there's been a "major financial setback." i think any lender foolish enough to lend against raw land will at least have enough sense to take into consideration any setbacks that would impact the person's ability to pay.

i think your definitive assertion was premature. but then again, you are both in hawaii and maybe there's a different mindset with the lenders out there.

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