Who Is Financing Land Lot Loans Today?

Who Is Financing Land Lot Loans Today? Financing land lot loans is not something that most commercial banks are interested in doing, particularly in recent days.  You have no doubt heard the term “toxic assets” repeated in the news over and over again.  Some of those toxic assets included undeveloped acreage. They are not talking about some industrial waste dump or the location of a toxic spill. ... [Read more of this post]

Don’t Give Up on Finding Vacant Land Loans

Don’t Give Up on Finding Vacant Land Loans Vacant land loans are sometimes hard to find, but don’t give up on your dream.  They may be few and far between, but there are still some lenders willing to help.  If you walk into your bank or credit union, asking about a loan to buy a piece of undeveloped property, you might get an immediate rejection.  Some lenders just don’t make that kind of... [Read more of this post]

Why land loans are hard to find

Why Land Loans Are Hard to Find? As a general rule, commercial lenders (the big banks) do not make land loans.  Anyone interested in buying property to build a home, to use for farming or simply to have as a place to get away from it all, has to wonder why it is so hard to get a loan for this purchase.  Here’s the answer. Commercial lenders, like the banks that take your application over the internet,... [Read more of this post]

Panicked? Balloon Payment Due! What to do?

So you just talked to the Bank or Mortgage Company and your 30 year land loan has a balloon payment due in year 3 of the loan and you are now 2 and a half years into the loan and your lender will not renew your note. In fact many of the lender no longer do land loans. This is a common scenario that we are seeing right now as we get into 2010. So what do you do? Give Carol at Peak View Mortgage a call... [Read more of this post]

Vacant Land Loans Colorado

Vacant land loans are riskier for lenders because the property is currently unoccupied or not being used and it is easier for the owner to walk away and leave the lender with the land. Typically, unimproved land or raw land is the most difficult type of property on which to secure a loan.  As a result, banks and other institutional lenders will ask for a significant down payment – typically... [Read more of this post]

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  • Colorado Land Loan Facts

    We have Land Loans from 10% to 25% down. Most lenders that are still doing land loans require 30% to 35% down or more, have high rates and short term balloons.

     

    Length of Term for Land Loans can be long term but usually have short term balloon payments (two or three years) which requires you to refinance the property if you have not started construction. We have loans that fully amortize (no prepayment penalty and no balloons) over 15-20 and 25 years depending on the property and future use.

     

    Get Pre-Qualified We are happy to pre-qualify you for a land loan before you start shopping. That way you will know that you are in a comfort zone when you begin your search. And, once you find that perfect property we can furnish you a pre-qualification letter for presentation to the seller with your purchase offer!

     

    Let's Get Started Today! Give Carol a call at 719-738-2367 or send an email to her using the contact form provided and Carol will promptly respond to your inquiry.