I have a question for you bank guys on here. Can or will a bank approve a loan with land for collateral? I own 40 acres, bough and paid for, but I need to take a small loan out to finance a hunting shack. Can I use the land for collateral?
You can usually take a loat against your 401k, if you have one. It takes the money out of the market (negating gains/losses) until you repay yourself, but sometimes it can be an option anyway. Maybe not the best time to do it during our “rebuilding” economy, though if the market keeps coming back up….
Brian – I saw that you run a 18′ Lund / Suzuki. I run a 140 Suzuki on my 18′ Lund Explorer and just love them both. 
You’re gonna make me cry Whittsend! I sold that rig last year, God I miss that boat! That Suzy was the best motor I’ve ever had. 
Sorry!!!!
Might be time to change your profile info!! 
Brian, i don’t know a bank that wouldn’t…if you default, they take the cabin and the land 
I don’t think you will have an issue
That’s what I was thinking G, Bob is gonna look into it tomorrow. Thanks! You’re right, time to change the profile, now I am crying, thanks! 
Most bank will allow this. Most will only let you take out 50% of the available equity in the property. I would suggest finding a local bank in your area and working with them on a land loan. Rates will be higher than a home loan, but still probably under 6.5%.
You may want to consider a 2nd mtg on your primary residence. you can get incredibly low rates on those right now if you have good income, credit, and equity.
Let’s us know what you find out.
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