Another thing is a HELOC is out. Its called a "HOME Equity line of credit" because there is a HOME there. People are less likely to default on a LOAN on their house. On a piece of Vacant land, not so much.
Lenders tend to lend a lot less on vacant land you own. You get a LELOC a "LAND equity line of credit.
Heres a quote from APRfinder , a lending website:
"Because there is no structure developed on land, lenders are less likely to lend 80 or 90% of the value of the land with an equity loan or line of credit. Instead, most land lenders cap equity loans for vacant land at 35% of the property’s value."
And that will STILL leave him with the same debt, just consolidate it under a different lender. He needs to sells stuff and pay down his debt. Plain and simple.
Last edited by outdoorobsession; 04/20/19 10:55 AM.
