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Vacant land is an asset. If you own vacant land with no liens (loans or mortgages) against it, you may be able to refinance the land to pull out equity.
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To understand the terms and restrictions of land loans and mortgages, you should understand the differences in the two. Research every lender’s terms and restrictions.
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Step 1. Provide your lender with proof of ownership for the land you wish to put up as collateral. This proves that the land is yours to put up in the first place.
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Land & Lot Loans: The Dirt on Financing Your Purchase
Learn how Lot Loans and Land Loans are different from standard “purchase money loans” for buying existing homes, including details about what to expect.