Land Only Flex Line of Credit
The Land Only Flex is a refinance product and available on raw, vacant land that you already own. You can draw on the Land Only Flex for 3 years, followed by a 10-year repayment period, ond your rate won't go up. For additional information, email us at email@example.com, or call 1.877.Bangor1 (1.877.226.4671).
||Lines with Total Exposure Limits
||Maximum Loan to Value
$10,000 - $1,000,000
Up to 65%
Early Termination Fee of $450 if the line is terminated within the first 36 months. Early Termination Fees are not applicable for Vermont, North Carolina and South Carolina properties. Massachusetts properties' Early Termination Fee is ≤ 2% of the line limit, not to exceed $450.00. A Land Appraisal is always required for this product and the cost is the applicant’s responsibility. If determined to be required title insurance may be obtained. Costs may range from $500 to $1,500. Maximum loan to value is 65 percent of appraised value, including any other existing liens. Line amounts between $10,000 and $250,000 are based on total exposure (all debts on the property), 1st
liens only and are limited by the borrower(s) credit score(s). Three-year advance period followed by a 10-year principal and interest repayment. Rate will not change during life of loan. Minimum credit advance $250. All loans are subject to credit approval by Bangor Savings Bank. Bangor Savings Bank deposit account and auto-pay required to obtain APR Relationship Rate. Interest rates and annual percentage rates are subject to change without notice and are accurate as of March 23, 2023.