There is no single land refinance product, and the structures available differ more from each other than commercial mortgages do. Which one suits you depends less on the land than on what you are going to do with it and when.
Bank and credit union term loans
The conventional route: a term loan on the land, usually shorter than a commercial mortgage and often with a balloon rather than full amortisation. Local institutions do most of this because they know the parcel and the market. Leverage is lower than the 75% median maximum the commercial rows in this record carry, and the lender will want your other income to service it.
Farm Credit and agricultural lenders
For land with an agricultural use, the Farm Credit System associations are the deepest source of long money and can offer terms no commercial bank will match. They are borrower-owned co-operatives serving defined territories, so you deal with the one covering your land rather than shopping several.
Seller carry-back and bridge
Where institutional lending will not reach, two structures fill the gap. A seller carry-back is the previous owner holding paper, which is common on land and entirely negotiable. A bridge or hard money loan prices the plan rather than the income, at rates to match: Commercial Mortgage Broker publishes bridge and hard money generally at 65% to 75% of as-is value. Both are expensive and both are fast, and neither is a place to sit for years.
Questions people ask about land refinance loans
What loan structures work for land?
Bank and credit union term loans, Farm Credit for agricultural land, seller carry-back, and bridge or hard money where institutional lending will not reach.
What does bridge lending cost on land?
Commercial Mortgage Broker publishes bridge and hard money at 65% to 75% of as-is value generally. Rates are materially higher than term debt and the loans are short.
Is seller financing common on land?
More common than on any other property type, because land sellers are often willing to hold paper and there are fewer institutional lenders competing for the loan.