Construction Loan Help

How do you find the perfect place to build?

Tip #1: Limit your search to "finished" lots

A "finished" lot refers to a portion of land that already has utilities in place and road access. This will save you time and money when you’re ready to build.

Tip #2: Utilize the Internet

Let your favorite search engine help you do your research, especially if you’re looking for prime real estate in a golf community, ski resort, coastal area or somewhere in between. Some popular key words include “real estate lots”, “land to buy”, and “planned communities”. An increasing number of resort property developers are using the growing popularity of the Internet to market their lots to consumers like you.

Tip #3: Contact a real estate professional

There are real estate professionals who specialize in "finished" lots as well as lot developers that sell individual lots. Ask your friends for referrals. You’ll want to work with a real estate professional who has knowledge of the area and who has worked with lot buyers in the past. In a development with vacant lots for sale, it’s important to find one with the amenities you want – golf course, pool, boating access, security and more.

Tip #4: Consider financing your lot purchase

Found the perfect location but you’re not ready to build? Consider a Lot Loan from Indymac Bank. This is short-term financing for the purchase of a residential lot suited for future construction. When you’re ready to build, we offer our one-time close Construction-to-Permanent Loan.

Tip #5: Use the equity in your current home to help finance your new lot purchase

If you currently own your home and are looking to purchase land for a new home, you may finance 100% of the land purchase with a Home Equity Line of Credit. This lets you use the equity in your current home as the down payment on your Lot Loan.