Land Development Loans
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The real estate industry involves more than just investing in already built properties you can resell later on. Developing lands, properties, or other spaces can also be a great deal for you, especially when you have land development loans available to finance those projects.
If you are very new to the industry, it is only natural that you stick to the usual buy, renovate, and resell. However, you can get more through other investments that can involve a bit more work, but the return is a lot and something you need to consider while also keeping in mind the type of loans you have available as a real estate investor.
That being said, why would you consider land development loans or, to be more specific, for what would you use them? Just as the name implies, you can finance the development of land and the funds should include the expenses for the acquisition of the space and the preparation of the infrastructure in some cases. You will not build a property in specific but rather prepare the land for a company or person to consider it to perform a construction project.
Of course, you can more elements depending on your needs and goals, but you have to consider your budget for it and if it is worth later on when you start reselling the land. Now, if you are someone who wants to purchase land, prepare it, and keep it for future projects, can you apply for land development loans as well? Absolutely. The type of loan is not usually limited to companies or real estate investors only. Those interested in obtaining and keeping the land can also rely on this method to have enough funds for the project, but the issue will lie in the lender that can provide the loan.
At Commercial Real Estate Loan Pros of Tampa, we are one of the few companies in Hillsborough County that is willing to offer the loans for you. In our case, we have two types of land development loans available:
- Secured purchase loan: we will cover up to 85% of the cost of the land and offer low-interest rates, but you need an asset or the land itself to be collateral.
- Basic development loan: we do not need collateral but the interest rates are higher and other conditions apply depending on the land you are purchasing and preparing.
How to request our land development loans
For us, the basic information and general requirements are the only ones necessary: credit score, financial history, assets to use as collateral if necessary, and all the details about the land you plan to purchase and prepare. It is not hard to access our land development loans and we cover a great part of not only the county but rather the state. Therefore, if you are located in Florida and you need to start working on a new land development project for your future property or invest in it as a real estate investor, rely on us at Commercial Real Estate Loan Pros of Tampa.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.