cash out re-fi on paid off lot of land miami

[Omar Gutierrez]

does anyone know of a credit union, or private lender who does cash out refinance on lots of land?? or any kind of product that will help me tap into the equity of my lot. I currently own a lot of land in Miami florida and its worth around 50k. im looking to pull out 15-20k in equity but cant seem to find anyone that loans on land assets. let me know BP fam

[Stephanie Medellin]

@Omar Gutierrez  That's going to be difficult to find, especially on a loan amount so small.  You would probably have better luck getting a construction loan to build something on the land, and creating some equity that way.

[Omar Gutierrez]

i have plans at the city that are 2-3 weeks from approval. i'm a licensed GC and the house is going to be a 3/2 1100 sqft with comps in the 260's. for a construction id only need 100-110k, but the more i call banks the more im finding out that even 100-110k is "too small" of a loan. It just starting to feel like its impossible to get less than 100k in lending no matter how secure the deal is

[Raymond J. Rodrigues]

@Omar Gutierrez have I seen you at L.A fitness in miami before? You look very familiar. 

[Guifre Mora]

Originally posted by @Omar Gutierrez:

i have plans at the city that are 2-3 weeks from approval. i'm a licensed GC and the house is going to be a 3/2 1100 sqft with comps in the 260's. for a construction id only need 100-110k, but the more i call banks the more im finding out that even 100-110k is "too small" of a loan. It just starting to feel like its impossible to get less than 100k in lending no matter how secure the deal is

Omar this is doable. I'll PM you

[Miguel Harpe]

I know this is an old post, but I am in a similar situation as @Omar Guitierrez, and need financing as well.  @Guifre Mora, are you still in this space? Or anyone else?

[Jacqueline Wright]

For a cash-out refinance on a vacant lot, finding traditional lenders can be a bit tricky as most focus on developed properties. However, you may have better luck with local credit unions or private lenders who specialize in land loans. Additionally, consider exploring hard money lenders, as they often offer flexible options for tapping into land equity, although they come with higher interest rates and shorter terms.

Another option is reaching out to land-specific lenders or specialty loan providers who may offer land equity loans. Be sure to compare the terms and fees before making a decision!