Recreational Land Loan: Anyone done this before?

[Ah Pook]

Always had good dealings with these Guys.

Premier Members FCU
https://www.pmfcu.org/

[Great-Kazoo]

No water (except for seasonal dry creek) and power I am going to find out when I visit how far away it is. Land is accessible from opposite sides via nice gravel road.

Are those road[s] public or right of way access ? Unless you have direct access, walk away. Paying / buying off someone els,e to get on to your property can be a real PITA / legal hassle.

We found a place in the 80's outside indian hills, priced right with operating well. Only issue was you have to traverse 25yds over someone else property. Sales said the owner was more then willing to allow access. He didn't say or clarify how many vehicles, time of day or how long access would be granted.

[Waywardson174]

Never done it myself, but my dad has bought and sold more farms than I care to detail almost all through credit unions local to the property. The only exceptions were seller financed. Not sure who the current owner is, but good 'ol boys will usually sign that deal in a heartbeat.

[Ah Pook]

Are those road[s] public or right of way access ? Unless you have direct access, walk away. Paying / buying off someone els,e to get on to your property can be a real PITA / legal hassle.

We found a place in the 80's outside indian hills, priced right with operating well. Only issue was you have to traverse 25yds over someone else property. Sales said the owner was more then willing to allow access. He didn't say or clarify how many vehicles, time of day or how long access would be granted.

Some may have an established ROW and some will have a casual easement. Plat maps will show existing ROWs and if they are still viable.

[rbeau30]

In the Plat Map the legend shows that both roads are either: State highway, Platted Subdivision road, or County road.

[ChunkyMonkey]

If there is no power/water to the land, no banks/credit unions would loan on it. If there is power/water, then its max 50% etc.

That being said, I would look into a bridge loan to develop the land then go with USDA loan.

[Ah Pook]

The county assessor's office will have plat maps. Just give them the property ID number.

Land is accessible from opposite sides via nice gravel road.

There are two access roads? Do they cross neighbor's land?

[rbeau30]

The county assessor's office will have plat maps. Just give them the property ID number.


There are two access roads? Do they cross neighbor's land?

No there is one going east/west north of the property, and one going east/west on the south, they both come from a numbered county road.

[GilpinGuy]

I've been out of the real estate game for a while but the reason banks hesitate to loan on vacant land is that it's easy to walk away from vacant land if you get into financial trouble. If you live in a house on a some land, you are more likely to stay and find a way to make your payments.

I had a VERY hard time as a realtor finding lenders who would work with vacant land unless it was a construction loan. That was 10 years ago, but I can only imagine that it's even harder now. Maybe I'm wrong though.

[rbeau30]

Eh, Maybe I'll just have to pay outright if everything on the land checks out.