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Financing a purchase of land...
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half_man,half_toilet_roll
Posts: 2 Newbie
Does anyone know of a lender who would be prepared to offer a mortgage-type loan to finance the purchase of a piece of land and the subsequent placing of a log cabin on it?
I don't know if land is considered to be sufficient security for a loan.
If anyone else has undertaken such a project, I would be interested to know if/how they obtained financial backing.
Many thanks
I don't know if land is considered to be sufficient security for a loan.
If anyone else has undertaken such a project, I would be interested to know if/how they obtained financial backing.
Many thanks
0
Comments
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Yes, this is easily done and most lenders offer this including banks - the catch being that more often than not they will only lend to about 60% of the value of the land (LTV).
As you rightly say, it would be considered as a commercial mortgageI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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