Lot Loans from American Bank & Trust offer the flexibility of purchasing land now even if building is not in your short-term plan. The Lot Loan will help you secure the location of your dreams to reach future goals, whether that is building your dream home or growing a business.
Lot Loans are used when buying a property that is not built upon and there is not an immediate plan to build. This gives you the flexibility to purchase the correct lot before having plans and a cost breakdown on your future projects. Lot Loans also allow you to buy and hold to start gaining equity right away by using a loan structure that pays down from the first payment.
Lot Loan Program Outline
- 5 Year Balloon With A 15 Year Amortization
- Internal Evaluations in Lieu of Appraisals For All Loans Under $350,000
- Origination Fee of 1%
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Loan rates and terms may vary. All loans subject to credit approval. Contact a banker for further details.