I purchased an empty lot next to my house. I'm very glad to have it, but I did naively think that perhaps that I could use this lot as something like a credit card. Using it as collateral for a credit line for home projects and such.
I've since learned that its not as easy as all that. Lot loans have many restrictions and are created to be a precursor to building a home. Land loans, or AG loans, banks usually want to lend hundreds of thousands of dollars, and I'm not interested in near that amount.
Is there a product that might allow me to borrow money against my land (that is a reasonable rate)? Or is this a completely foolish idea and you need to talk me out of it?
EDIT: The lot is worth about $80k US. I would like to get a rate commensurate with the security I'm putting down. Perhaps I'm up in the night, but between 5 and 10 percent ought to be reasonable I would think.