Land Financing

Resources for funding a land purchase

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)
Locations in Alexandria, Baxter, Detroit Lakes, Fergus Falls, Pequot Lakes, St. Cloud, and Walker

Black Ridge Bank 

Central Minnesota Credit Union
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
Locations in Apple Valley, Blue Earth, Duluth, Glencoe, Mankato, Northfield, Rochester, and Waite Park

Crow Wing Power Credit Union
Located in Brainerd

Deerwood Bank
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)
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

Mid Minnesota Federal Credit Union
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)
Locations in Long Prairie, Staples, and Wadena

Neighborhood National Bank 

Northview Bank
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
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.