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Land Loans for Defective Properties
Russell_B
Posts: 1 Newbie
Hi, new to forum.
My partner and I are looking to buy a defective property. The property sits on a plot of land that, in the mid-long term we would re-develop.
We are currently looking to purchase the property by legally separating the land from the house, buy the house in cash and take a loan out on the land.
The land is not yet valued but will be and doesn't have planning permission (outline or full). We will be able to put down capital on the land after the house purchase.
Does anyone have any experience of land loans in situations familiar to this?
I have viewed a handful of websites the advice on which (as expected) varies widely from: anything possible to lenders will view the land as an uncertain quantity and not lend on it.
Thanks in advance for your time.
My partner and I are looking to buy a defective property. The property sits on a plot of land that, in the mid-long term we would re-develop.
We are currently looking to purchase the property by legally separating the land from the house, buy the house in cash and take a loan out on the land.
The land is not yet valued but will be and doesn't have planning permission (outline or full). We will be able to put down capital on the land after the house purchase.
Does anyone have any experience of land loans in situations familiar to this?
I have viewed a handful of websites the advice on which (as expected) varies widely from: anything possible to lenders will view the land as an uncertain quantity and not lend on it.
Thanks in advance for your time.
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