2nd Mortgage On Vacant Land???
Hello all,
I recently purchased a tract of land and obtained financing with my friendly local bank. They were only willing to finance 60% of the purchase price, which ended up being about 50% of the appraised value. Is it possible to get a 2nd mortgage on this property, assuming I have good credit and understand that it will be at a higher rate? If so, up to what % of the the appraised value is possible?
Thanks,
Brad
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