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Question

how can i get money from land i have that is not mortgaged

Submitted: 307 days and 17 hours ago.
Category: Finance
Value: $9
Status: AWAITING EXPERT REPLY
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Optional Information

new bedford, Massachusetts

Already Tried:
no uck with area banks

Posted by Cassandra 307 days and 17 hours ago.

Answer

Hello XXXXXXXXX and welcome to just answer

The only way to get money out of land is too sale it, or rent it. Are you thinking of the interest deduction that people claim on thier tax return? If so, this only applies if you are making payments on the mortgage of the property and only applies to interest paid. Now, if you pay property taxes on the land, you can deduct that from your tax return if you file a schedule A.

306 days and 11 hours ago.

Reply

that is not what i wanted to do i should have been more clear . what lending institution in my immediate vicinity would give me a loan on the land

Accepted Answer

Cassandra's answer is not complete.

There are many "hard money" lenders who will lend on vacant land, as long as their loan position in the land is "first position", also known as a first trust deed or first mortgage.

I am one such lender, for California properties. I know other such lenders.

You can search for "hard money lenders" in the state where your property is located.

http://www.google.com/search?q=hard+money+lenders+Massachusetts&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a

Expect to pay 10 or 11 or 12% interest. Expect to get a loan-to-value ratio of 40% or less. Expect to pay some "points" for the loan. You may be able to get "interest only" terms for several years or longer. Be aware that land values everywhere have shrunk along with the economy, so the amount of funds you can borrow on your land may be limited.

Hope these thoughts help.

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Expert: The Land Advisor
Pos. Feedback: 98.6 %
Accepts: 
Answered: 1/21/2009

Experienced Land Investor

Retired successful "land baron", financier and investor.

305 days and 1 hours ago.

Reply

Thank you

I will try to find a lender in the area

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