Loan secured with vacant land?

Answers:1   |   LastUpdateAt:2012-10-25 10:12:48  

Question
Rolis
Asked at
Our family owns 600 acres + of waterfront , undeveloped land , vacant . We have offered more than $ 1 million for the entire surface . Is there a good and safe for my wife and I to borrow $ 120,000 just to use land as collateral ? What I mean is that we do not want our home and other assets included as collateral , land only . This will be used to pay off all our debts and make a single monthly payment . If you can answer or provide some resources would be very grateful . One more thing , we heard about hard money loans and lacked some information about that too. Thanks MedlinePlus MedlinePlus MedlinePlus We do not sell well , the land has been in the family for 150 years , just for your information .
Answer1charelleAnswered at 2012-10-25 10:12:25
Banks really do not like to loan on bare land . You are more likely to be able to borrow against your home , which is owned and improved .
Related Questions
1
  • Answer This Question:Loan secured with vacant land?