Land as collateral for personal loan.

sizemoretrk1 · Joined: 29 Jun 2008 Posts: 2 1.88 Dollars($)

I own 40 acres free and clear it's paid for and I'm wanting to use 40 acres as collateral for a personal loan.

adonis · Posted: Sun Jun 29, 2008 11:22 pm Post subject:

If you are talking a personal loan, you don't need to keep your land as the collateral.

If at all, you consider your land as collateral, then you will have to take a mortgage or land loan. Refer to http://www.mortgagefit.com/homeloan/land-collateral.html for more.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

You may get a better rate using the land as collateral, have you investigated all your options? You could get a personal loan through a local bank, have you tried this? That is what I would do first.

jasonpolito · Posted: Tue Jul 08, 2008 8:24 am Post subject:

What kind of loan are you looking to obtain...just a personal? I dont think the land will necessarily help you.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

If I were you I would apply first and then see if they need collateral, if they do then you can bring up the land that you have.

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