Getting a lot loan

[Damian Baynes]

Hey everyone,

I've come across an opportunity where the seller owns a large house and also owns a vacant lot adjacent to the house and is trying to sell them as a package deal. This deal is pretty enticing to me because down the line I would like to get into development, though I'm not quite ready yet. Need more time to understand the process. My question is how would I go about getting a loan to purchase the lot? Even though I would buy them as a package they are technically two separate properties and I'm guessing I would need two separate loans for the two is that correct? Are lot loans difficult to get? I do not plan to build on the lot for about maybe another 6-8 months. Any advice in this area would be greatly appreciated.