Posted 9/6/2014 07:10 (#4058467 - in reply to #4058424) Subject: RE: Bankers in for bad fall.
You're correct, but you're still only borrowing X/acre and putting a mortgage on paid for dirt.
I wonder if they'd loan you rent money against owned and paid for dirt? Something tells me that they'd loan money as long as there was collateral to back it up as that is the scenario with loaning RE money against paid for dirt.