Mortgage Loans for Building Lots and Bare Land

Introduction

If you're going to get a mortgage, you should probably talk with three or more lenders before making your decision, especially now that home sales have slowed and lenders are pulling out all the stops to win your business. That said, I will open with my personal testimonial for Big Sky Western Bank, the lender I have now.

I have used Big Sky Western Bank (BSWB) on each of my three Montana loans over a number of years. I chose them because they had the best rates and terms. I used to be a mortgage lender myself, for five years in Washington, DC, before going to business school and then into venture and commercial finance, originating a total of over $1,000,000,000 in loans over the years. The point is, I know loans pretty well, I did some research, and I found BSWB to have the best offer every time. Hence, the testimonial.

Before we get to the commercial lenders, remember, I can offer seller financing to qualified buyers.

Internet

BankRate.com
eLoan.com
Mortgage.com
You can find many others by searching Yahoo or Google.

Local Banks

Big Sky Western Bank: They have four branches in Bozeman. You can meet them in person or talk and apply by phone and email, which is what I did. I have done multiple loans with BSWB because, whenever it was time for a new loan, I shopped around and they always had the lowest rate and down payment. It’s been consistent over many years. I’ve financed three properties with them and had them lower my rate twice (see below). All three of my lot loans with BSWB started at 6.25% fixed for three years, then adjusted every three years thereafter. The one loan I have remaining with them recently adjusted up, so I called to ask if they could lower the rate and they said "no problem, it's a $150 fee and one piece of paper, which we can email to your" (compare that to the stories you read in the newspapers). That's what we're doing right now (April 2008). They adjusted my rate down to 6.79%, which is a very low rate for a lot loan. I understand their down payment requirement is still only 20%, which is also lower than most/all lenders. And their application process was so easy—like filling out a car loan application instead of some big long mortgage application. Contact Sara DeCock: sdecock@bigskybank.com or 406-556-3821.
Bank of the Rockies: They have branches scattered throughout the area. The main branch dealing with real estate and bare land loans is in Livingston, although they often meet with clients in Ennis. They have a reputation for being competitive with their rates and terms. As of April 2, 2008, they were asking for 20% down with an interest rate of 6.875% for a three year ARM on bare land loans. Contact Loren Zahn: lzahn@bankoftherockies.com or 406-222-9010.
First Madison Valley Bank: A local Ennis bank. At times their rates are a little higher. Contact Jim McNally or Roy Pederson: jmcnally@bankingonthefuture.com or 406-682-4215.
Mountain West Bank: As of April 2, 2008, they were offering 25-35% down with interest between 6.5%-7.5%. Contact Rob Rouse: robr@mtnwestbank.com or 406-587-5600.
Valley Bank: Another local Ennis bank. As of April 2, 2008, they were offering 20-25% down with an interest of 7-7.5%. Contact Bob Briggs: bbriggs@valleybank.us or 406-682-3124.

Seller Financing

Seller Financing may be available to qualified borrowers, subject to credit approval and other conditions. See some financing options here, including rates, terms, down payments and monthly payments.

How to Make an Offer

Please Contact the seller with any questions or go through a local real estate agent of your choosing (see directory and links here). The listing agent is Sara Johnson of Fischer Realty.

PS: 59729.com and/or PintailRidge.com may be available for purchase to whoever buys this piece of land. If you are interested, just include it in your offer. This website comes up on the first page of most search engine results related to Montana real estate, land, lots, pictures, etc (especially in Ennis, MT). We have traffic from all over the world. Either website could be turned into a community site with additional info, social network, classified ads, etc. If you're a real estate agent or local investor or business owner, this website could be especially valuable now that foreigners and wealthy American's are buying second and third homes and investment properties in the best cities and most beautiful locations, of which Ennis is one. The dollar is at an all time low and the entire United States is on sale for the rest of the world. And they are buying.