LOC possible with vacant land as security?

[Rooster]

Hi All,

Any lenders out there doing line of credit with vacant land as security?

If so, what LVR is possible?

Cheers

Rooster

 

[Evachange]

Hi,

Where is the land? What size? Has the land got an existing loan?

In short yes there are lenders that will do a LOC on land.

Usually 90% LVR for refinance, some will do 95% for purchase.

Kind Regards,

Alex Sperling

 

[Rooster]

Hi,

Land is in Gladstone, QLD.

830sqm with no loan on it.

So, a basic 80% lvr is possible?

Cheers

Rooster

 

[Evachange]

>Gladstone, QLD

Is this metro? I am in Sydney so don't know the area.

80% LVR sounds possible, don't see why not.

Kind Regards,

Alex Sperling

 

[Rooster]

Central Qld coast.

Not metro but good to hear it may be possible.

Cheers

Rooster

 

[Evachange]

There are heaps of lenders as you most likely know, I am sure that there would be one that would do the deal.

What is the population of the town the land is in?

But yes there are I am sure a lender that would do it.

Kind Regards,

Alex Sperling

 

[Rooster]

Population sits at about 30,000 at the moment.

Thanks for the feedback.

Rooster

 

[Evachange]

Yea 30,000 sounds good, some lenders get worried, or just wont do a deal if the town has less then x number of population.

Happy to help.

Kind Regards,

Alex Sperling

 

[LoanFinder]

Yes, Gladstone would be fine for an 80% lend.