Land financing can be done through a bank, savings and loan institution, credit union, specialty land financing firm, or sometimes the seller. If your preferred lender does not finance vacant land purchases, or if you would like to compare rates and terms, here are a few lenders that make loans for land purchases. (Information regarding Seller Financing is at the bottom.)
American National Bank of Minnesota
1-218-829-1484 (Baxter location)
www.anbmn.com
Locations in Alexandria, Baxter, Detroit Lakes, Fergus Falls, Pequot Lakes, St. Cloud, and Walker
Black Ridge Bank
1-218-829-8712
www.blackridgebank.com
Central Minnesota Credit Union
1-320-256-3669
www.mycmcu.org
Locations in Albany, Avon, Belgrade, Cold Spring, Freeport, Grey Eagle, Holdingford, Little Falls, Long Prairie, Melrose, Moorhead, New York Mills, Paynesville, Perham, Sauk Centre, St. Joseph, and Wadena
Compeer Financial (formerly AgStar)
1- 844-426-6733
www.Compeer.com
Locations in Apple Valley, Blue Earth, Duluth, Glencoe, Mankato, Northfield, Rochester, and Waite Park
Crow Wing Power Credit Union
1-800-648-9401
www.cwpcu.org
Located in Brainerd
Deerwood Bank
1-800-291-6597
www.DeerwoodBank.com
Locations in Albert Lea, Alden, Apple Valley, Baxter, Bemidji, Blackduck, Brainerd, Deerwood (main office), Garrison, Grand Rapids, Inver Grove Heights, Mendota Heights, Northome, and St. Paul
Frandsen Bank & Trust
1-218-855-1320 (Baxter, MN location)
www.FrandsenBank.com
Locations in Ada, Baxter, Bird Island, Braham, Clinton, Cloquet, Crosslake, Dundas, East Grand Forks, Ely, Fairfax, Foley, Forest Lake, Hector, Jordan, Lonsdale, Montgomery, New Ulm, Nisswa, Mankato, Oslo, Pine City, Tower, Virginia, Warren, and Waterville
(Also locations in Grand Forks, ND and Luck, WI)
Members Coop Credit Union
1-218-625-8500
www.membersccu.org
Mid Minnesota Federal Credit Union
1-877-643-6466
www.mmfcu.org
Click to see: MMFCU Financing Options for Land Loans
Locations in Alexandria, Baxter, Brainerd, Crosby, Detroit Lakes, Little Falls, Pequot Lakes, Staples, and Twin Valley
Mid-Central Federal Savings Bank
1-218-894-3900 (Staples, MN location)
www.midcentralbank.com
Locations in Long Prairie, Staples, and Wadena
Neighborhood National Bank
1-218-828-8800 https://www.neighborhood.bank
Northview Bank
1-800-450-7575
www.northviewbank.com
Locations in Askov, Barnum, Cromwell, Deer River, Finlayson (main office), Floodwood, Grand Rapids, Hinckley, Kerrick, Park Rapids, Sandstone, and Willow River
Pine River State Bank
1-218-587-4463
www.pineriverstatebank.com
Locations in Breezy Point, Emily, Nowthen, Pillager, and Pine River
Seller Financing
A few sellers are willing to finance your purchase of their land. Typically they will require a down payment, and will charge interest throughout the repayment period. Often a balloon payment is due in 3 to 5 years. If your purchase is financed by a seller, you will enter into a Contract for Deed or Purchase Money Mortgage outlining the terms of the purchase and payment of the principal amount plus interest. Most sellers will require a 20% down payment which is also negotiable.