Land Loans

We provide financing for individual home lots as well as for larger tracts of land targeted for future development.  We offer a number of programs that support the creation of affordable housing in our market area.
 
We extend residential lot loans to families that are purchasing the land in order to subsequently construct their primary or secondary residence.  We offer terms of up to five years and require a minimum of 15.0% cash equity and at least 25.0% total equity (including appraised or market equity).  Eligible collateral consists of residential lots with streets and utilities already in place.
 
We finance the purchase of raw land by developers who plan to later subdivide or otherwise develop the property.  These loans are generally extended for up to two years, or enough time for the borrower to obtain entitlements.  The maximum loan to value ratio for raw land is 65.0% of the lesser of the purchase price or appraised value.
 
We provide acquisition and development loans to developers for the purpose of purchasing real estate and then completing all on-site and off-site improvements such as grading, roads, sidewalks, and utility installations.  These loans are of sufficient term to complete the improvements, generally up to two years.  The maximum loan to value ratio depends on the nature of the project, and interest reserves are available for suitable developments.