Will the bank give money to buy land? Louisiane

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Calculation example: with a loan amount of USD 100,000 at 10% per annum, for a period of 1 year, the total amount to be repaid will be equal to: USD 105,499.06, with a monthly payment: USD 8791.59. The consequences of not paying the loan are regulated by the legislation of USA.

    Will the bank give money to buy land?

    Banks issue loans secured by collateral. The average effective rate is 21% per annum.
    A loan secured by real estate is the most common way to borrow for the purchase of land. Naturally, this option is suitable only for those who have something to provide as collateral.
    Mortgage real estate in value should, on average, double the amount of the loan.
    If you are planning to buy a small plot outside the city, then this will not be a problem.
      The opposite situation is possible: if mortgaged real estate is much more expensive than land bought on credit, then compulsory insurance of the mortgage will seriously increase the cost of the loan.