What is a land loan?
A land loan can be confused with a construction loan. It’s another popular term used when you want to buy land and build on it immediately. The lender typically requires a plan and blueprints to give an estimate as to how much your home will cost. However, if you are buying land and have plans to build on or improve it later, a land loan may be right for you! We've all heard stories of somebody who bought land years ago for pennies on the dollar and how much it is worth today! If you have an opportunity, capitalize on it with a land loan! At Webster Capital, we finance both raw land and improved land.
How do land loans work?
When considering borrowing money for a land loan, a lender will consider multiple aspects such as use cases, zoning, restrictions, and easements. Due to the lack of collateral that a land loan presents, many lenders will not even provide funding for land loans--and when they do, they have very strict requirements for their borrowers. At Webster Capital, we offer land loans with no credit checks and favorable terms. We have years of experience buying, holding, and developing land so we know an opportunity when we see one. If you are considering buying land, we will not only fund the land loan but help you consider all of the factors that you may have overlooked. These considerations could be make-or-break when buying land. Let our experts help you along the way!
How to get a land loan
Options for land loans are typically limited due to the risk they present to lenders. Community banks and credit unions are usually the only options but will only offer funding to highly qualified borrowers with good credit. As a private hard money lender, we love to provide funding for land loans when others won't. To us, everyone is qualified because we do not need to run your credit or investigate piles of financial paperwork to get you approved. Our experience providing land loans in Rochester, NY is unmatched, making us the clear-cut choice for your land funding needs! If you are interested in a land loan, contact us or apply online today!