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Updated 6 months ago on . Most recent reply
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Land HELOC on 1 Parcel of Mortgaged Land
So I purchased about 100 connected acres of raw land - split into 3 deeded parcels. 22, 70, and 8 acres approximately. I am building personal residence on the one 22 acre parcel and farming the 70 acre parcel. The entire land purchase is mortgaged. I also have a construction loan for the building I'm doing on the 22 acres. After construction is finished, the entire property (with the residence) will be appraised and I can roll my land loan and construction loan together into 1 mortgage. If the 22 + 70 acres appraises high enough to cover my mortgage, can I own the 8 acres parcel/building lot free and clear and pull a HELOC on it?
If any of this doesn't make sense, just ask. :-) Great to have a place to ask experienced investors questions! TIA
(pic shows the 3 parcels and approximate acreage)