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Updated almost 6 years ago,
Can I get a line of credit on land?
Hello BP,
I am still extremely new and have never invested, but have just been researching, educating myself, and brainstorming on the potential ways I can get started. I am leaning towards a fix and flip but am wondering, like many other first timers, how to purchase a property without any money. I dont have enough money saved to put as a down payment on a traditional bank loan and I dont own a property that I could use a HELOC on. HOWEVER, what I do have is land. Myself, as well as several other family members own this land through a Trust. I know that I would have to get their approval before taking out a line of credit on the land since they have rights to it as well. But, I wasn't even sure if banks would provide such a loan. Does anyone have any experience with lines of credit on land or any insight at all?