A Lot Loan is simply financing that allows one to buy a piece of land. Similar to a home mortgage, a Lot Loan can be obtained through a lender or a bank. They will then evaluate the value of the estate and review you to determine if you’re an eligible buyer.
Typical Items Needed for a Lot Loan:
- Loan Application
- Borrower Authorization
- Bank Statements
- Picture ID
- Loan Submission Form
- Home Owners Insurance
- Mortgage Statement or Note to Prove No Balloon Payment
- Purchase Agreement (Contract)
If Corporation:
- Articles of Incorporation
- Bylaws
- Statement of Information
- Form W9
If LLC:
- Articles of Organization
- Statement of Information
- Form W9
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