Building a brand-new commercial space can create exciting opportunities for your business. However, if you’re faced with a land purchase in addition to building your new retail space, you may be wondering about financing options. Here is a little more information about financing land and property for sale, plus ways you can work with professionals to reach your professional goals.

How to Finance a Land Purchase

1. Seller In-House Financing

Sometimes, the seller may decide to sell the land on their own, especially if market values are low. You may work directly with the seller to determine everything from the sales price of the property to the interest rate, down payment, and terms of the agreement. If you decide to go this route, have a real estate attorney review any and all paperwork transferred between you and the seller.

2. Local Lenders

If you’re nervous about agreeing on your own terms, consider working with local lenders like banks and credit unions. In addition to the ability to sit down with a lender directly and talk about the details, many financial institutions have low-interest rates for loan packages, provided you can show that you have a record of paying back borrowed monies.

3. USDA Loans

Depending on how the property for sale is zoned, it may be eligible for a USDA loan—administered by the United States Department of Agriculture—that offers favorable rates for rural or agricultural land. Additionally, you may be eligible to receive federal aid, loan subsidies, and beneficial terms, such as not needing any down payment.

If you’re looking for property for sale, contact KW Commercial in Florence, KY. With a commitment to customer service and an innate understanding of the local area development, these professionals will help you to find the perfect land for your business and make it yours. To find out more about how they can help, visit their website or call (859) 359-6805.