Land Loans

Not all land is the same nor are all banks the same.  Today, more than ever, bank financing is available for unimproved land.  It’s true that some banks will not finance land as it’s against their charter or long standing policy.  But, several lenders have identified land as another opportunity to lend money.

It’s our experience that some commercial banks such as M&T will finance a house with 5-10 acres, but if you’re seeking to buy a larger parcel, they will request that you finance the remaining acreage with another lender or plan on paying cash. You can check out a useful article at Metropolitan Mortgage Corporation blog

Locally (Ithaca area), our experience of land financing has been best with Community Bank, Farm Credit East, and most recently Cornell Federal Credit Union.  Also, it’s my understanding that Tompkins Trust Company is not offering land loans. You can visit Empower Federal Credit Union homepage to get a loan.  Some of these lenders require certain credit scores and different closing costs so it’s best to inquire with each lender for their best rates and terms.

The good news is that land loans are available, so visit our website to find land so you can enjoy the great outdoors!

Give me a call at 607-280-5770 to make an appointment today.  Thank you, Carl Snyder