home equity loan using land as collateral
Question: I own a 23 acre raw property that appraises for about $240,000. I owe $200,000. Will a bank give me a home equity loan using this land as collateral?
Answer: On the land only? Probably not. Few lenders do raw land loans.
Do you have any other property to tie in? If not, start negotiating with the owner that sold you the land, holding the $200,000 note, because there is not a lender on the planet that will loan at that LTV on raw land.
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