Lot loans CU Member Business, Inc. will lend up to 80% of the value of the property or purchase price of the property, whichever is less.We can use the following to determine the value of the property:Property Tax Statement or an Appraisal.If the property tax value is not high enough, an appraisal is required at your expense (generally, the appraisal cost is approximately $300.00).
Generally, the Lot Loan will be amortized over a 15 year timeframe with a call (balloon) after the third year of payments.
We will need the following to start your process:
Completed Lot loan application
Full legal description of the property
Copy of the Purchase Agreement
Copy of the Property Tax Statement
$275.00 Good Faith Deposit (used towards your closing costs)
An Insurance Binder will be required prior to closing showing liability coverage for land purchased.Your Homeowner’s or Renter’s Insurance will typically cover the liability coverage.
FAX APPLICATIONS TO: CU Member Business (651) 787-9573 MAIL APPLICATIONS TO: CU Member Business, 500 Main St., New Brighton, MN 55112
We appreciate your business and look forward to meeting your financial needs.
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