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Using equity in land to fund deals
My mom and dad own about 160 acres of very nice Land with frontage in Western mass. My mom has been thinking about ways to make some extra income so I told her to use the equity in her land to fund my deals and she can get a return on her money. I'm thinking something like a HELOC but with land instead. Most of the land is paid off. Are there any ways to get quick access to a line of credit without going through the whole closing and appraisal process? Or do you have to do the appraisal at least once so the bank knows how much they can lend to you? I guess what I'm asking is can you use land to get quick cash on credit? also has anyone done this and what is the process?