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Lot Loans

Finance the perfect parcel on which to build your future.

Multiple terms available to buy the land for your future home

Here's how Coastal’s Lot Loans could help you bank better:

  • Purchase lots with a maximum size of 10 acres, which many lenders won’t approve
  • Borrow between $5,000 and $250,000*
  • Flexible repayment options include 12-year term loans and 5-year loans with balloon payments due after that period
  • No application fee
  • The land must be located in North Carolina, South Carolina, or Virginia
  • This loan is eligible for an annual Loyalty Bonus payout, which has totaled $11.7 million paid to members since we started the program

Just the Facts

Sometimes the house you desire just isn’t anywhere to be found.

So you decide to build it yourself. That presents some challenges. You need someone to design that dream home. You need a contractor to build it. But first you need to find the right piece of land to put it on. When you locate that perfect parcel in North Carolina, Coastal can help you finance it with a lot loan.

We know many of our members think big. That’s why we approve loans for lots up to 10 acres. Many other lenders draw the line at a much smaller size. We also offer the same attractive features as on our mortgages: no application fees, low interest rates and low down payments.

Daymark Realty
Daymark Realty
Wholly owned by Coastal Credit Union, Daymark Realty offers exceptional savings and service whether you are buying or selling real estate.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please email with any questions.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

All loans are subject to approval.

*Term loan – For a $75,000 loan amount, a term of 144 months with a 7.50% APR fixed,  the monthly payment will be $793.87. Balloon payment – For a $125,000 loan amount, a term of 60 month balloon and a 15 year amortization with a 7.50% APR fixed,  the monthly payment will be $1,162.41.

Need help with Lot Loans?

Call 800-868-4262 to speak with a representative