Expert: LJ Mangold - 7/19/2001

Question
How do you find a lender for purchase of land in a State other than the one you live in?  An offer was made of financing, in the State in which the land is located, for 5% for five years and then a balloon payment which would require refinancing.   Is it possible to get a loan for a longer period than five years as five years makes for huge monthly payments.  

Answer
Lenders loan in most states. Land loans like this one are usually interest only, sometimes amortized over 10 to 15 years, or more. The 5 year call could be a problem. The 5% is very low, most are around 9% to 12%. Most require 25% to 50% down.
LJ Mangold