How can I get a loan secured with free and clear land?
I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property.
The land was last appraised at 0,000. I cannot pay a deposit or any upfront costs, but I only need to borrow about 30% of its value.
Is it possible to get a loan like this online, or with lenders other than traditional banks or mortgage companies? Are there lenders who can approve and fund loans in a short amount of time(1-2 days), and how much of an effect will my credit have on the approval process given the low loan to value ratio?
Any help is appreciated. Thanks
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You should be able to get a mortgage on the land which would give you the best rate.
For a fast turn around you will probably need to do something besides a mortgage. I would visit a bank that is local to your property and see about securing the loan. They will have officers who can make determinations quickly. You might be able to get a 60 day loan on the property and then pay it off with the proceeds of a mortgage at closing. This will have some costs associated but will be your best bet if you need a long term loan like a mortgage on short notice.
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