A hard money loan provides individuals as well as corporations the opportunity to secure land for homes or other projects. Land loans are a great opportunity for those who would like to secure the land necessary to start a project or the land needed to expand on existing project. Learn more about land loans to see if they are the right type of loan for your next project.
What Is A Land Loan?
A land loan is most often funding to help purchase a piece of raw land. But land loans are limited to just raw land as they can be utilized to purchase raw land, vacant land, as well as land that needs to be cleared in order to start the next project. In the residential real estate space, land loans will typically be used to purchase a vacant lot to build a family home. However, in the commercial real estate space, land loans are often used for raw land deals to help secure the land needed for a larger commercial project such as an office park or a strip mall.
Land loans can typically be considered relatively easy to secure funding for as they are so common throughout the real estate industry. However, it can be more difficult to secure funding for large commercial land loans compared to smaller residential land loans because of the amount of money being funded. Many real estate investors are switching to utilize hard money land loans as they provide a much quicker closing rate as well as more flexible deals because the capital is coming from a private real estate investor and not a traditional banking institution.
Benefits of a Hard Money Land Loans
Land loans are a great option for those who are looking to secure land for a new project, but hard money land loans can offer that same ability but more benefits. Since the funding is coming for a private real estate investor and not a traditional banking institution the loan deals are much more flexible. Along with more flexible deals that can be altered for specific projects, hard money land loans also provide incredibly fast closing times. Typically hard money deals are able to be closed within a matter of days compared to weeks like traditional land loans from a bank. Below are a few of the benefits that hard money land loans offer.
- Loan deals and loan rates are much more flexible to help find the perfect balance for both parties.
- Land loan capital can be funded in a much shorter timeframe compared to traditional land loans.
- Working with a private real estate lender can offer a much more relaxed experience compared to working with uptight bankers.
- The land loan process requires less total paperwork and back and forth in order to complete the process.
- There are different types of land loan deals which can be alters to fit the project such as a residential deal compared to a commercial deal.
Do I Qualify For A Land Loan?
If you are looking to purchase a vacant lot for a family home or looking to secure land for a new commercial project then it is important to see if you qualify for a land loan. Most land loans have lower qualification compared to high end hard money commercial loans which is a good sign for those who are new to hard money loans. Our network of hard money lenders have helped beginners as well as veterans secure funding for land loans. If you are interested to see if you qualify and would like to see a free loan quote then fill out the form at the bottom of this page.
Types Of Loans We Offer
Our network of hard money lenders have years of experience working with a wide variety of different types of loans. We are able to create a loan deal that is perfect for your project type whether it is a small residential family home or a large commercial project. Below are a few of the types of loans we offer.
Apply For A Land Loan Quote
Fill out the form below for a free loan quote and to learn how our private lending network can help you with your next project.