what do i need to use my land for collateral

Guest 0.10 Dollars($)

I have 6 ac. of land in tx. What do i need, besides the deed, to get a loan fast?

cliff · Posted: Wed May 07, 2008 3:29 pm Post subject:

Welcome Shata,

To get the loan the only other step will be a title search, survey, and an appraisal which any lender will do before the will loan you money.

You will need to contact a lender who will pre-qualify you for a loan. If you just need the money fast then you could go with a hard money lender. However, the interest rates they will charge you will be off the charts.

kpatrick · Posted: Wed May 07, 2008 6:42 pm Post subject:

Hey Shata,

Lot loans have gotten even more difficult to get than they ever have been before. Your best bet is to go to a local bank, preferably where you have accts. 65% LTV is usually the norm, and the days of stated lot loans are gone as far as I know.

Good luck!
Kim

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