Refinance Paid Off Property
We have 62 acre raw land and are putting a cabin on it. All basic utilities will be put in place. We will fund the cost of cabin ourselves which would be around 75k. Once the cabin is complete I would like to get the entire property appraised and would assume it would be $200k (low end) or higher. Is it possible to “refinance” (mortgage or other funding) the property to a 30 year loan (or similar) with the equity and essentially pay myself back? Has anyone done anything similar?