loan question

[dc1986]

For all the bankers here.The 4.5 acres directly behind my house that joins my backyard is up for sale and I want to buy it.How do I go about it?I tried to get a home equity loan but we didn't quite have enough equity yet.He wants 40 k for the land.He has an eavesment through my property to get to it that I will do away with.This would give me the back 6 acres.I have more than that in my 401k.Any ideas.A personal unsecured loan has a high interest rate.

[rferg84]

For all the bankers here.The 4.5 acres directly behind my house that joins my backyard is up for sale and I want to buy it.How do I go about it?I tried to get a home equity loan but we didn't quite have enough equity yet.He wants 40 k for the land.He has an eavesment through my property to get to it that I will do away with.This would give me the back 6 acres.I have more than that in my 401k.Any ideas.A personal unsecured loan has a high interest rate.

Have you just talked to your bank about using the land as collateral on a personal loan? People buy cars all the time they cost more than 40k that depreciate very quickly. I would just sit down and talk to them.

[Austin]

The way we do these is just make a loan for the land and secure it with the 4.5 acres you were purchasing. We would loan 85-90 percent of the lower of cost or market value. So you would be looking at something like 4-6 K down plus closing costs (appraisial possible survey and title work)

Is the land within the city limits or outside of them? Also as long as you are not planning to build or using any of the proceeds to build on the property it makes things much simpler.

[dc1986]

outside the city limits.What type of loan is this?