Most people who own a house %26amp;, have equity in their house, can get a bank loan (home equity loan, line of credit, etc.) by using their combination of house %26amp; land as collateral.
My situation is that I own an island in the Chesapeake Bay, %26amp; it is just land, but no house. I would like to get a home equity loan for let's say $100,000... but, I can't do that because a home equity loan requires you to have a %26quot;home%26quot; (house).
So, my question is... %26quot;How do I get a loan against my property%26quot;. The island may be worth a million dollars, or more, but if the banks and lending institutions have their way, I can't borrow even a single penny against it.
Short of building a house on the island, how can I find a way to borrow against it?
How may I get a loan, using my Chesapeake Bay island as collateral?
Really?! I know lots of people who own only land and use it for collateral against a loan all the time. Any bank should be able to accommodate you, I'm sure. Banks LOVE to loan money ... that's their bread and butter!
How may I get a loan, using my Chesapeake Bay island as collateral?
Have you looked into a land loan? That's the main way of doing it. But the bank needs to believe that the land is worth what you say it is.
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