Читать книгу Building Your Custom Home For Dummies - Peter Economy - Страница 93

Few lenders have refinance programs for land loans. And in most of those cases, they only let you replace an existing loan. Rarely does a lender give you a refinance loan where you’re taking cash out of a piece of land. That means that after you put money into the land, it’s gone forever — at least until your construction loan has started. Your only choice will probably be hard or private money, which can cost 5 percent of the loan up front and 10 percent annually. This increase compared to institutional lot loan pricing is an expensive price to pay for money you already had in your pocket to begin with.