Bank loan on land,what documents needed?
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hi all, what documents required to get a bank loan on land?we have a land of 13 acres, in good developing commercial area,in between 3 spinning mills,and just next to the govt.medical college hospital.and more details on how it will be valued be an extra help.thanks.
Bank loan on land,what documents needed?I work for a bank and we offer land lot loans (residential). You have to go through the same motions to obtain a land loan as you would if there was a home on it. If it's zoned commercial though that might be an issue. No residential bank will touch it.
Find a commercial bank or a local savings and loan (not WAMU, or wells fargo or anything). If you have a lot of equity and just need cash you can find a "hard money" lender who needs little documentation. You usually need at least 25% equity on commercial deals.
Call up a local mortgage broker (or two) and they'll "shop" your loan with different lenders. Ask for a good faith estimate from each and compare the offers.
To value your property you'd need an appraisal done by a commercial appraiser.
good luck!
Bank loan on land,what documents needed?demand promissory note
Bank loan on land,what documents needed?You'll need to demonstrate your ability to repay to the bank - usually payslips, W2 (if you're in the US), or tax return. "100 point" proof of identification e.g. passport, birth certificate...others, application to the bank. The bank will do an independant valuation, credit check, employment, etc.
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