Say I want to finance the lot. How does that work?

The terms from 2 banks, Stellar One and Virginia Partners Bank have similar terms. Each needs to be quoted from the bank. The basic terms are:
– 15 to 25% down payment (this amount goes toward equity when going forward with a construction/permanent loan)
– the loan will be amortized over 10 years with a balloon call in 2 years
– interest rate will be around 5 to 6%
– closing costs will include costs of an appraisal
– closing points (around 1%) may be charged and then credited when using that bank for a construction/permanent loan

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