Lot Loan, Lot Loans from FirstMerit Bank - Serving Akron, Cleveland, Ashtabula, Canton, Columbus, Elyria, Medina, Toledo, Columbus, Ohio and New Castle, PA

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Lot Loans

How it works Lot loans are designed to provide you short term financing so you can purchase land on which you intend to build a home. Our lot loans have a balloon payment at the end of the 3 year term, but provide for payments based on up to a 30 year amortization schedule.*

A Lot Loan might be right for you if: You are interested in purchasing a residential lot with the intent to build an owner-occupied primary or secondary home

Features & Benefits Fixed rate terms up to 3 years (monthly payments amortized up to 30 years)* No surveys or private mortgage insurance (PMI) required Lot equity can be used for down payment on a new home Escrow is required Maximum loan to value is 65% on any lot* Enjoy a quick application process and low closing costs



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* All loans are subject to credit approval. For example, currently a $100,000 lot loan for 3 years at 5.593% APR with $54,000 down payment will have 35 payments of $790.80 and 1 payment of $86,291.89 (Balloon).