Can I use land as collateral for a loan?

Sorry, forgot to mention that the land is in Texas.

Hi Hannah,

Getting loan against raw land is possible. But it is difficult to get in this market. There are not many lenders who offer land loans these days. Moreover, you have to have a very good credit score to qualify for this type of loans. What is your credit score?

I have 1.5 aceres with H20,Ele.&septic.. Worth 28,000 I would like to get 10,000. on a loan...

I own undeveloped plots in south carolina just outside of charleston and have ran into some financial issues lately. I was wondering what the best way to sell this land asap would be. A loan is an option but I would rather just get rid of it. A similar plot of land was sold recently for around $100,000, however I am willing to accept alot less. Any info would be appreciated.

To TJ,

You can sell the undeveloped lot if you want to get out of your financial issues. A loan against the lot could also have helped you a lot. But getting a loan against an undeveloped lot will be really difficult in this market. If you want to sell it quickly, you need to list the property on the market. This is how you can reach out to the prospective buyers. You can list the property in the newspaper or you can also hire a real estate broker or an agent to sell the lot quickly.

What happens with a loan that is secured by land collateral and the mortagor sells the land and pockets the money?

Hi Becky,

How will he sell the land without repaying the mortgage. The land is used as security for the loan and the lender holds a lien on the property. If the mortgagor sells the land without informing the lender, the sale will be considered as fraudulent and invalid. Moreover, no buyer would want to purchase a land that has a mortgage lien on it.

Can I get a loan on 23 acres which is paid for in full. One half is in trees and the other is farmed?

Welcome jlcromwell,

You will be able to get a mortgage on a free and clear property if you meet the required criteria of the lender. I would suggest you to contact the local land loan lenders and apply for a loan.

Mortgage companies that will take land as collateral in north carolina. If possible I need a list

Hi valerie!

Welcome to forums!

Well... I won't be able to provide you with a list of lenders who offer land loans in North Carolina. However, I would suggest you to contact the local lenders and check out whether or not they can help you with a land loan. Alternatively, you can even seek a no obligation free mortgage quote from the lenders of this community regarding getting a loan.

Feel free to ask if you've further queries.

Sussane

Hi, I am inheriting some land in Maine, I have 5-6acres. What do I need to have my family do the bill of sale, do I need it surveyed for the bill of sale and loan? What banks offer the loans? Looking to build asap.

Thanks

You need to contact the local lenders in order to qualify for a loan using the land as collateral. If you satisfy the criteria given by the lender, you would be able to get a mortgage.

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joshua
joshua
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I have 3 acres in Virginia asseted at $49,500, the deed is free and clear of
any liens. The property has been approved by the county for a three bedroom house. I want to use the property to get a loan. In the state of
Virginia will this be possible?