Whether you are purchasing land to build your dream home or to build a commercial or industrial building, Benson Capital can help you get the financing you need for your land purchase.
If you are planning to buy land to build a home on, the process of securing land financing is similar to getting a home mortgage. However, land without a structure on it is considered to be a riskier investment for lenders, which means you will have to pay more on your down payment and interest rates are going to be higher.
Location and condition of the property are key factors for lenders when considering to provide land financing. Other factors include: the type of land, zoning, service status, size, and project type. Remote and underdeveloped property may be of less interest to lenders, unless the property is strategically located near future development.
Land financing can be arranged in with construction financing or as land only financing.
Contact us today, we’ll assess your overall land financing needs and provide you with the best solution.