Land Loans

Land Loans are short-term loans collateralized by land. Investors looking for construction loans who do not have plans and permits approved will find attractive a loan based on the As-is Value of the land.

resident loans
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Standard Loan Terms

Max Loan Amount: 50% of appraised value or purchase price (The lowest)

Rate: 8.5%-9.99%

Term of loan: 12-24 months

Payments: Monthly interest payments with balloon at maturity

Prepayment penalty: None

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Property Types

  • Land Parcels
requirements

Standard Requirements:

  • Last 2 bank statements (US bank account)
  • Copy of ID and Borrowing Entity docs
  • Purchase Contract (If Purchase)
  • Property Insurance
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Standard Closing Costs:

Origination Fee: 1-2%

Underwriting Fee: $1,500

Legal: $750 – $1,500

Appraisal Fee: $500-$4500

Title Insurance and recording fees: 1% (Approximate)

time

Standard Closing Time:

The usual time to close is 5-10 days. RBI Mortgages is a direct lender and does not rely on other institutions to close the loans. Once the title work and appraisal are ready, we will be too!

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FAQ

What is the interest rate and loan term?
Usually, loan rates are 9% and 1.75% points. Loan terms are 12-36 months

What is the loan type?
Most our loans are interest only, which means a fixed interest is paid throughout the term and full balance at maturity. For example, a $100,000 with 12 months term and 9% rate will yield 12 monthly payments of $750 and a final payment of $100,000

What happens if I sell the property or prepay the loan before maturity?
In most of our loans there is no prepayment penalty.