Typical local banks loans require 30-35% down for a loan on vacant land and they typically are pretty easy to get. Why do local banks want so much down? Well that answer is easy so let me explain.
Let’s compare it to home loans. A local bank can sell home loans on the open market quickly and easily but they can’t do the same thing with land loans. So all land loans are in house loans. So to protect themselves they want to get 30-35% down so that if they have to take the property back they can usually sell it quickly at 30-35% off market value. You understand that right.
But what if I told you that we have an excellent source that will do a 10% down loan on vacant land. And what if I told you that they will do this loan for a straight term of 15 years at 6.25%. Most local banks even with the 30-35% down will only do land loans for 5-7 years.
So this is pretty impressive right? Give us a call today and let’s get you qualified to purchase your dream Colorado Mountain Property. Dreams do come true!
Charlie and Barbara
Adobe Gold Properties, LLC