Thanks @Paolo Nascimbeni and @Russell Brazil. I bought it exactly for where it is. Not as expensive and the development spill is inevitable, it may take a while though.

I dont know anyone who loans against land unfortunately. If the land was further west I may have known a potential buyer, but I think on the east side it may be a harder sell.

PS If you search for "raw land loan" you should be able to find some info.

As far as I know they do not give home equity lines even on fully build homes unless it is your primary residence. I did manage to buy in cash however ( using my home equity line ) and then was able to refinance after the property was fixed up to lender standards. When I asked maybe 10 years ago they would give a mortgage on a land as long as we had a plan to build a house within a year with an approved contractor but I am not sure the guideline are still the same.

What area of Rockville is it in?

Check with the banks local to the property. They'll have the best solution for you. Yes, there are cash-out land loans available through institutional money.

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Updated over 9 years ago on 02/10/2016. Most recent reply

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Posts: 15
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Ty MarPoster

Investor
Bethesda, MD

Private Lending & Conventional Mortgage Advice

Land equity?

Ty MarPoster

Investor
Bethesda, MD

Posted February 09, 2016 17:40

I have lot in Rockville, MD that's paid off. I don't think there's such thing as land equity loan is there? Can i get credit using the lot as the collateral?

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Land equity?

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