For many this is a generational story. Those of us who own land upon which we have garnered many memories of hunting together can answer this question with ease. “It’s a place we can call our own, always return to, and pass on for upcoming generations.”
Also, for many of us we had to take out a loan to make the process come together and we found that many banks were unwilling to give us a land loan to fulfill our dreams of creating hunting experiences on our own land in either Minnesota or Wisconsin.
Land financing with favorable terms can be difficult to get for hunting land. Since this type of loan has collateral that can be classified as unimproved or raw land, some lenders deem it a speculative investment. At Northview we don’t view hunting land, which is often passed down through the generations as speculative in nature. Many lenders think it’s easier for the owner to walk away from a property that is not their primary dwelling and therefore require a down payment of 35% or more and charge higher rates than typical home mortgage rates.
Northview Bank has long been a leader in financing hunting land. Again, Northview Bank does not consider land used for hunting or other recreational purposes speculative as long as the borrower has enough income to support the debt at proper debt-to-income ratios. We offer 20% down programs to qualified borrowers. Click here for full disclosures. For qualified buyers on smaller loans the down payment required may be even less.
Some lenders require some type of development plan before they will finance bare land loans. Northview Bank views bare land loans in two distinct classes: development loans and hunting/recreation loans.
Northview understands that many bare land parcels in Minnesota and Wisconsin have been passed down from generation to generation. If you buy one, you may plan to pass it down to your children. A hunting or recreational land parcel represents the family retreat, a place where the stories of the past years’ hunts or trips are shared from generation to generation around the campfire. Why should a lending plan change your heritage? Therefore, if you plan on building we can help you and if you don’t want to build we can help you.
Northview Bank offers competitive 20% down loan programs on bare lots. Three-, five-, and 10-year balloons amortized over 20 years are available. We also offer a fixed-rate option of 15 years. Other terms and options available upon request. Click here for full disclosures.
To get started, fill out our easy-to-complete hunting land application. We’ll need your last two years’ W-2 or tax returns, and a current paystub.
Northview offers quick closing and quick approval—we can even have you approved the next business day, contingent on final appraisal and title work. In most cases we can close in three to four weeks and have you enjoying your new hunting land purchase whether it’s in Minnesota or Wisconsin.