Real estate development and land loans are used by builders and real estate developers to purchase raw land and improve it before building on it. They are often bundled together which streamlines the process.
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The first step in a real estate development project is finding and buying the land or lot(s). A land acquisition loan enables you to purchase the property and take care of any title or zoning issues.
After you purchase the property, there are usually many horizontal improvements needed before you can build. Development loans cover these costs which can include: subdividing, excavating, building roads, and bringing utilities to the site.
A land loan and real estate development loan can often be bundled into one acquisition and development loan. When the purchase and site work are complete, you are ready for a construction loan, and hard money lenders can provide that too. Using the same lender for all aspects of the project really streamlines the process.