Florida land loan options?

[Travis L.]

Looking to purchase a lot for future use(cleared with power and water).  Not sure what my options are, we currently have 4 mortgages 3 rentals 1 primary so if they look straight debt to income could be an issue.  Rentals all have positive cash flow plenty of equity but don't really want to refinance anything.  We can do 20% down on the lot just trying to get an idea of terms rates etc and how.

[John Morelli]

Hi Travis, 

As Melanie already stated, obtaining a land loan from a local bank or credit union shouldn't be terribly difficult. There are also a handful of Florida lenders specializing in land acquisition financing. 

If you aren't able to pursue the above options, a private lender or hard money lender may consider leveraging the equity in your rentals as additional collateral (2nd lien position), provided your loan agreement or lender permits secondary financing. If they are standard residential mortgages, it shouldn't be a concern.