Posted on: 15th Feb, 2013 08:46 pm
Hello!
I own 17 acres of land that has no development on it, its also in a LLC company name. The land was appraised at $57,000 I would like to take a loan out on the property is this possible? i only need a loan for about $15,000. If i go to a local bank will they be able to do this for me? if so what information will i need to take with me?
I own 17 acres of land that has no development on it, its also in a LLC company name. The land was appraised at $57,000 I would like to take a loan out on the property is this possible? i only need a loan for about $15,000. If i go to a local bank will they be able to do this for me? if so what information will i need to take with me?
Hi Lindsay,
You can contact the local lenders and apply for a land loan. It will be the lender's discretion whether or not he will give you the loan depending upon your financial situation and credit report. There are chances that the lender will ask you to remove the property from the LLC company name.
Thanks
You can contact the local lenders and apply for a land loan. It will be the lender's discretion whether or not he will give you the loan depending upon your financial situation and credit report. There are chances that the lender will ask you to remove the property from the LLC company name.
Thanks
Bank may not agree to offer you a mortgage loan of as low as $15,000. I would suggest you to obtain the loan from some private sources.
Get in touch with your local lenders in order to obtain a land loan. However, it entirely depends upon the lender if he will approve your loan request based on your credit report and financial condition.
Consult a lender in your area,he will suggest you the best possible type of loan you can obtain for your situation.
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