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Eisenhower Bank Can Help Stake Your Claim. Residential lot loans are available to finance the purchase of a lot upon which to build a family residential structure for personal use. Land loans are available to finance the purchase of undeveloped vacant land up to 75 acres. To apply, call us or Apply Online. Residential lot loans are available to finance the purchase of a lot upon which the buyer intends to build a family residential structure for personal use. Generally, streets and utilities have been installed and the lot is part of a residential development. Land loans are available to finance the purchase of undeveloped vacant land up to 75 acres. Loan to Value: Lots (up to two contiguous lots located in a platted and deed restricted subdivision; survey discretionary). • 80% of the lesser of appraisal or sales price. • 90% of the lesser of appraisal or sales price is available in some instances. Vacant land (up to 75 acres with no structural improvements, with direct contiguous access via State or County maintained road; survey required). • 70% of the lesser of appraisal or sales price. Rates Fixed (no account discount available) or Variable (Wall Street Journal Prime). Rates subject to change. Loans subject to credit approval. Appraisals: On residential lot loans of up to $100,000, the taxing authority valuation may be used to determine property value. On land loans up to $100,000, the taxing authority valuation maybe used to determine property value. A written Land Appraisal Report from a qualified independent appraiser will be ordered by the Bank if the taxing authority valuation does not support the request or if the request is greater than $100,000. The appraiser will be engaged by the Bank, the appraisal must be addressed to the Bank and be prepared by an appraiser that has been approved by the Bank. An appraisal should not be more than six (6) months old at the loan’s inception. The Bank may accept a Master Appraisal completed on the development where the property is located if the appraisal is less than twelve (12) months old. To find out more about an Eisenhower Residential Lot/Land Loan, call today! (210) 227-7131 • (888) 777-0740 Toll-free fax (800) 764-4510 or (210) 226-2707 Copyright 2004. All rights reserved. |
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