Line of credit against land property, or using land as a collateral?

I have about some raw land, free of debt, worth several $100,000%26#039;s. My score is 750 or so.

I%26#039;d like to get a line of credit against my land property, very much like home line of credit. Is there such a thing? I think some hard money lenders will do it, but I%26#039;d rather not pay 9-15% interest rate... Is there a conventional bank that has a product that will help me?

Line of credit against land property, or using land as a collateral?rate my

You have already found the answer!

National Lenders will not lend on raw land and only some Hard Money Lenders will!

BUT, there may be a local Bank or Savings and Loan who will look at your total financial picture and make the loan. Start with the local Bank/S %26amp; L where you have your accounts.

Best wishes.

Line of credit against land property, or using land as a collateral?

loan

Probably not anything more than what you%26#039;ve already been offered.

Banks prefer to issue lines of credit at their most favorable rates against a person%26#039;s home for the very same reason that most people would prefer to not use their home as collateral. The bank knows/feels that a person is less likely to have their home foreclosed on, whereas they don%26#039;t have quite the same emotional ties to an empty piece of land.

Try your bank%26#039;s personal banking department. They can often come up with more creative lending ideas than your typical retail branch employee.