A lot loan is short-term financing used to purchase an improved lot that has curbing and/or utilities in place, with the intent to build a new home or cabin on it within a year. This loan option is typically used when someone finds the perfect lot, but maybe hasn’t developed plans or chosen a builder yet. With a Lake Area Bank lot loan, you can borrow up to 75% of the appraised lot value.
A land loan is used to purchase raw land and does not need to be improved land with utilities in place. A land loan is typically used for individuals wanting land to use for recreation or future build. With a Lake Area Bank land loan, there are longer term options and you can borrow up to 65% of the appraised land value.
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