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RaT
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Silver Member
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Reged: 10/21/04
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Posts: 105
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Loc: Granite Bay, California
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Home Equity Loan
06/06/05 04:07 PM
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I am hoping someone can help a finance challenged soul such as myself with some information. I basically need the "who" part.
My desire is to finance our garage/guest house with a home equity loan to eliminate the construction loan costs. We have a mobile home now that must be removed upon completion of the garage/guest house which will be our temporary home until we build the main residence. The equity loan would be secured by our land which is valued at about $550,000 given recent sales on comparable properties. That I know is the hitch. Do you know of any bank or loan agency that loans on such? I am located in Northern California. Thanks, Mark
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twstanley
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Gold Member
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Reged: 09/27/02
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Posts: 260
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Loc: NE of Kansas City, Missouri
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Re: Home Equity Loan
[re: RaT]
06/09/05 11:11 AM
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I would think you could get an equity loan from your current mortgage company, credit union, bank, etc.....
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RaT
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Silver Member
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Reged: 10/21/04
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Posts: 105
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Loc: Granite Bay, California
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Re: Home Equity Loan
[re: twstanley]
06/09/05 11:40 AM
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Well, you would think except that to date, I know of none that will issue one using land to secure the loan. I asked because in todays loan climate, it seems most anything goes. Even a bank officer mentioned I try and see if anyone would do it for that very reason.
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twstanley
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Gold Member
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Reged: 09/27/02
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Posts: 260
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Loc: NE of Kansas City, Missouri
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Re: Home Equity Loan
[re: RaT]
06/09/05 03:52 PM
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Do you already have a loan against the property?
I did a search on google for "loans on land" and came up with this link, it mentions they do business in California so maybe they can help:
http://www.e-constructionloans.com/
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RaT
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Silver Member
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Reged: 10/21/04
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Posts: 105
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Loc: Granite Bay, California
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Re: Home Equity Loan
[re: twstanley]
06/13/05 11:00 AM
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Thanks for the link. I do not have a loan against this property.
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Stoneheartfarm
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Veteran Member
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Reged: 10/10/02
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Posts: 792
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Loc: West Central Michigan
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Re: Home Equity Loan
[re: RaT]
06/13/05 02:39 PM
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You are right that the larger lenders don't like to secure against raw land, but you should be able to do a construction loan, basing against what the property will be worth once the garage and guest house are constructed and the mobile home removed.
If not, you might want to find a small local bank and try to get a non-conforming loan that they will hold in their portfolio. It means a higher rate, but at least you could do something.
Steve
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mfaley
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Gold Member
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Reged: 03/30/04
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Posts: 256
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I think Steve is right based on my experience. Not sure if you have a Feather River Bank in your area but you might try them.
I will PM you the contact info for a loan agent in our area that we have found to be very good and also creative.
You live in a beautiful area....
Mark
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