Does anybody have recommendations loan providers who will finance bare land in MN? If you’ve done this recently and have any insight on what kind of term, rates, and down payments are offered that would be helpful too. This would be for an approximately $50,000 property. I’ve seen Northview Bank mentioned a few times, any experience with them?
I was just thinking about asking the same last week.
Have you checked with any credit unions?
Very difficult to beat the rates offered by my CU and they will finance bare land. Obviously the key is LTV on what they will lend.
Grouse
Grouse: I haven’t checked anywhere in detail yet. I don’t use a credit union myself right now but I will check those out too when/if the time comes.
Small banks under $1B in assets or credit unions are going to be your best option. They have less regulations so they are able to offer higher advance rates on raw land. Another option would be a land contract if the seller is open to that.
Reef,
Since banks don’t pay crap for interest anymore, why not just pull the $50K out from under the mattress?
HRG
When looking some years back, the best and really only option we found was from a local bank in the area we wanted to purchase from. They only required 20% down but it only offered ARM loans. Most other banks I talked with ranged from 30-50% down and all being AMR’s as well.
If it’s up near Walker, it was First National Bank North.
Reef,
Since banks don’t pay crap for interest anymore, why not just pull the $50K out from under the mattress?HRG
I checked and all I found was a half chewed rawhide, a nickel, and some lint 
I was just thinking about asking the same last week.
Called a few places this afternoon and have some callbacks scheduled for Monday. Northview Bank got going right away though and had a pre-qualification letter ready in about 3 hours after some back and forth of documents. I’m going to keep checking around to compare and I’ll post some notes of what I found.
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