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Not sure if you have any advice on this but I'll throw it out there. I'm looking at buying some land for a business. Looking at about the $160k figure. I know 20% down usually helps lenders feel really comfortable about loans. 20% down isn't an issue if I take out a HELOC on my existing home.
Do you know the typical terms of mortgages for strictly land purchases? How many years for payoff? Ratios for income versus monthly debt?
While it would be simple to get a mortgage for the land if I threw a house up on it, I know lenders aren't all that keen on loans for land purchases.
Any insight much appreciated as I know there are issues I haven't considered yet and another point of view may enlighten me on them. Thanks.
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Strive to be more curious than ignorant.
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