One of the best methods to finance your real estate business is to seek loans for land. Most of the financial institutions provide these loans to their clients at reasonable terms. However, not all loans for land are convenient to service your desired financial needs. You need to determine the ultimate purpose for which you want the financial assistance. The purpose for the land that you want to own determines the kind of loan that you will apply. If your intentions are to buy a piece of land and carry no development projects on it, then you should consider securing a land loan.
However, if your intentions are to buy a land that has existing infrastructure on it, then you should consider securing a mortgage loan. Moreover, the purpose of the land that you want to buy greatly determines the level of the interest rate and the down payment requirements. For instance, the land loans have higher interest rates than the mortgage loans for the reason that the land loans carry higher risk. One can decide to borrow some money to purchase undeveloped land and later fail to repay the loan since the land can be used as collateral. On the other hand, when one borrows a mortgage loan, they cannot walk away since it is the property and not the land that becomes attached to the loan.
Source: http://fishingtackleshop.info/?p=113
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