Lot & Land : Construction Loans

  1. linkedin endorsement
    via linkedin: Olivia Simms
    Ivan has been there with me through it all! It’s been almost a year and I must say Ivan has been there still. He made sure that I have been updated with whats going on being a new home owner. Even when I thought I had it together he had good tips that has helped me in every area of my new journey ! Ivan thank you so much I couldn’t imagine the journey without you, You Are Simply The GREATEST!!!
  2. via Yelp - Thao Nguyen
    via Yelp - Thao Nguyen
    I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan! A trusted consultant for 10 years in the Mortgage business, I take pride in finding solutions to my clients needs. I love being the “go to” guy for my clients. There’s a good feeling when a past client sends a text message or email asking inquiring about a new mortgage. I know the hard work invested will pay off as time passes on. A little Bit More – let’s connect! lets-connect What People Say About Me – Testimonials Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times. He also has great customer service. He responds extremely quickly and is on top of everything. He made my first transaction really smooth and easy. We got caught at some bumps in the road but he found a way to help us resolve it. He is a genuinely nice person. He occasionally shoots me an email to see how things are or whether I have any questions regarding anything. He is there to help and I can just tell that he loves his job. Thank you for helping us through our first transaction Ivan! Le Tran I had a great experience purchasing my first home with Ivan’s help. He works with your best interest in mind, to find you the best option of your situation. For me, he went above and beyond to help me with getting documents straighten out that wasn’t really part of his job. Thanks Ivan!
  3. via Yelp! - Le Tran
    via Yelp! - Le Tran
    Ivan is great at what he does. He helped me finance my first, and was extremely patient. Being that it was my first time, I had no idea what documents I needed, and I didn’t understand real estate lingo. However, Ivan was very patient and explained everything to me probably a couple of times.
  4. C Boss
    C Boss
    This experience has been flawless and so easy! Ivan has been a great resource and is so patient with first time home buyers.
  5. Tom Brewer
    Tom Brewer
    I don't know how to thank you. I feel certain that I wouldn't once again be a homeowner without your help.

what our clients say

Lot vs Land Loan : What loan do I need?

Many borrowers looking to finance a piece of land often ask; what is the difference between a lot and a land loan? The truth is, there really is no true distinction however if you are looking to build on a piece of land, a lot loan will typically be more suitable to your needs. Unlike conventional/government loans, lot & land loan guidelines vary by lender. This means, each individual lender will have their own requirements and set their own size limitations. Some common limitations are size, 10 acres maximum , and must be zoned for residential use.  Some lenders do not allow for existing structures on the property. You may also come across whether the land is finished (ready for public water/sewar) or unfinished (septic/private well).  Maximum financing up to 85% on 15 yr terms. 

Land loans are more commonly by business lenders on land designated for agricultural use.  Financing these type of properties can be very complicated and more restrictive. To begin with, lenders are looking for at least 30% down/equity position. Additionally, lenders typically do not allow residential buildings unless the municipal district has zoned the land for agricultural/residential. 

These are sample industry guidelines that vary from lender to lender. If you find yourself looking for land financing or want a list of available properties, send me a message below.

When do I need a Construction Loan?

Coming Soon!