Lot loans are perfect for anyone who is looking for a space to build their dream home or for those looking for land to develop for commercial use.
Also referred to as land loans, lot loans provide specialized financing for the purchase of a plot of land that does not have a house or other structure already built on it.
There are two types of land lot loans: improved and unimproved. Improved land is ready to be built on and clear of any obstructions. Unimproved land, or raw land, is not ready to be built on yet and may have older structures, vegetation, or debris that needs to be removed.
Financing available for residential lot purchases
The lot must be for future construction of an owner-occupied residence
Up to 10 acres
Unimproved land – up to 65% of lower of cost or appraised value
Improved land – up to 75% of lower of cost or appraised value
Available in Texas and Oklahoma
Lot loans are perfect for anyone who is looking for a space to build their dream home, or those looking for land to develop for commercial use. To get prequalified or start the application process, contact an FLB Mortgage Lender, email us for more information, or visit one of our branch locations in Oklahoma City, Oklahoma, Norman, Oklahoma, or Frisco, Texas today!
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
Our online application makes it quick and easy to get started. We have experienced mortgage loan officers ready to help you make the best financial decisions for your unique situation.