I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property.
The land was last appraised at $980,000. I cannot pay a deposit or any upfront costs, but I only need to borrow about 30% of its value.
Is it possible to get a loan like this online, or with lenders other than traditional banks or mortgage companies? Are there lenders who can approve and fund loans in a short amount of time(1-2 days), and how much of an effect will my credit have on the approval process given the low loan to value ratio?
Any help is appreciated. Thanks