# Land Loans



## Tall Grille (May 4, 2011)

I am looking at 16.5 acres of land for sale in Maine. I would like to buy the land and spend a few years clearing and prepping it for building before building a home/farmstead. My local Credit Union will not give a loan on land. I can not use a construction loan as I will not be starting construction soon. Is there a good source for loans for land purchase?


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## chewie (Jun 9, 2008)

farm credit service?


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## blufford (Nov 23, 2004)

Owner contract.


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## Bluesgal (Jun 17, 2011)

Yes, and "owner carry" or a "hard money" lender. 

The hard money loans are typically at higher interest than a "standard" mortgage but are typically used to finance land purchases. You could "convert" the hard money loan when you start construction..


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## Micheal (Jan 28, 2009)

Depending on a person's own situation there are a host of possible (or not) ways to get needed money: home equity, personal (with or without collateral), 2nd mortgage, personal line of credit, owner financing, family, loan shark (or equivalent), etc....
Guess it mostly hinges on the amount wanted and personal credit worthyness.


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## baldylocks (Aug 15, 2007)

We bought land through Farm Credit. They were helpful and had no problem lending on raw land


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