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Who said it was improved residential property? Owner financing is much more common with raw land. Banks do not provide as favorable terms for land because it generates no income (usually) and is more difficult to appraise and sell.

One more wrinkle. Due to FDICIA, banks cannot lend more than 65% max on the appraised value of the land without having to put it on a list supplied to the regulators each time they come calling for an examination. If the land isn't utilized/improved within a certain amount of time, most banks will consider this speculation and rarely are interested.

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