Refinance Vacant lot is it possible?

[Barrington Duncan]

I brought a vacant lot in Newport News, Va from Wells Fargo REO Dept. Can u refinance land? The property assessment values is $10,000 is they a way to do this! And with who? The property is in a LLC , paid for it as a cash deal!

[Seth Williams]

@Barrington Duncan - I'm not sure I understand your question.

Based on your initial post, it sounds like you currently own this property free and clear... is that correct? If you own it free and clear, why are you asking about refinancing it (you technically can't "refinance" anything if you don't currently have any financing in place)?

If you're looking to pull some equity out of the property with a line of credit or use it as collateral for a new loan, it's just a matter of calling a few banks and seeing if they'd be willing to work with it. If the value is $10K, I'm guessing you'll have a hard time - but that's up to your banker.