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There are lenders who prefer not to finance vacant land, however, Robin Sodd at North Shore Bank in Sister Bay will!  Their current lot loan program requires a minimum of 20% down.  The loan is a 3 year adjustable rate mortgage (ARM) at 3.50%.  The loan can be amortized up to 15 years if under $100,000.  The interest rate of 3.50% can adjust a maximum of 2% per year after the 3rd year and has a lifetime cap of 6%, so the interest rate will not exceed 9.50%.  (Note: These terms are as of May 11, 2011 and are subject to change.  See lender for APR.)

A letter from the Village, Town, or County Zoning Department (whichever applies) indicating the property is "buildable" is required.  In addition, a soil test confirming the type of septic system the property will support is also required.  If you do not plan to build right away, Robin said the soil test could possibly be waived.   A current survey of the property may be required.

For questions pertaining to vacant land loans, contact Robin Sodd at:  [email protected]