Buying Land - How to Get Cash

[Patrick C.]

Hey All! I'm hoping someone here might have some insight to help us out. We own a home and are trying to buy some land to then build a home we can see being in for a long time. We recently made a cash offer on a parcel but did not get accepted because we were mid-process on a cash-out refi. The seller went with the other offer because they had cash in the bank already instead of our 60-day timeline. We can continue with our cash-out refi, but will end up spending $28k per year on interest to hold that money out of our house. Land in our area doesn't come up very often, so its a gamble to just hold it and wait. 

My questions:

- Is there an account (money market/savings) where we can stash a large sum that will cover some or all of the 3.5% interest we're paying on the money?

- Would it be worth looking into a hard-money lender that can get us cash faster, then do the cash-out refi or sell our current house to pay back the hard money lender?

- Are there any other products or methods that we can have access to cash quicker than a 30-40 day period that the refi requires?

- We're approved with HomeLight to make cash offers, but they don't do that with raw land. Are there any companies like HomeLight that work with raw land?

Thanks in advance!