Question 1

How fast can a land loan close?

Accepted Answer

Typically 2–4 weeks from application to funding. Turnrow issues a written term sheet in 24–48 hours from a 5-minute application; the remaining time is almost entirely the appraisal calendar and title work, which run in parallel.

Question 2

What happens after I apply?

Accepted Answer

Within 24–48 hours of your 5-minute application, you receive a written term sheet with the loan amount, rate, term, and fees in plain numbers. A soft credit pull happens during that window; nothing hits your report unless you sign and proceed.

Question 3

What is a term sheet, and is it binding?

Accepted Answer

A term sheet is a written statement of the deal a lender is prepared to make — amount, rate, term, fees, and conditions. It is not a binding commitment to lend, but at Turnrow it is a genuine quote: the terms on it are the terms the file closes on, subject to appraisal and clean title.

Question 4

What documents do I need at closing?

Accepted Answer

Three categories: government-issued ID for every signer, entity documents if an LLC, trust, or partnership is borrowing, and the purchase contract if you are buying. No tax returns, no bank statements, no financials — the no-doc rule holds all the way through closing.

Question 5

How does the appraisal work, and how long does it take?

Accepted Answer

A licensed appraiser with rural competency visits the property and delivers a written valuation, usually in 1–3 weeks from order. It is the long pole in the 2–4 week closing timeline, which is why Turnrow orders it the day you sign the term sheet.

Question 6

Who pays for the appraisal and title work?

Accepted Answer

The borrower pays both, which is standard across land lending. The appraisal is paid up front when ordered; title fees are paid at closing out of proceeds. Both are third-party costs that pass through at invoice — the lender does not mark them up.

Question 7

What is title insurance, and do I need it on bare land?

Accepted Answer

Title insurance protects against defects in ownership — unknown heirs, unreleased liens, misdescribed boundaries. Yes, you need it on land; a lender's policy is required on every loan, and land titles are frequently messier than house titles, not cleaner.

Question 8

Can I sign everything electronically?

Accepted Answer

Almost everything. The application, term sheet, and most disclosures are e-signed from your phone or laptop. The exception is the closing package itself — the deed of trust or mortgage must be notarized with wet-ink signatures in most counties, which is where a mobile notary comes in.

Question 9

What is a mobile notary closing?

Accepted Answer

A mobile notary brings the closing package to you — your kitchen table, the farm shop, a coffee shop in town — verifies your ID, witnesses your signatures, and ships the documents back the same day. It is the standard way land loans close, and it means you never visit an office.

Question 10

What can delay a land closing?

Accepted Answer

Three things cause nearly every delay: appraisal scheduling in thin rural markets, title defects that need curing, and slow borrower response on signatures or entity documents. Income re-underwriting — the classic bank delay — is off the list entirely, because income is never in the file.

Question 11

When exactly do I get the money?

Accepted Answer

Funds wire on the day of closing or the next business day after, once the title company confirms all documents are signed and, in most states, the deed of trust is released to record. On a purchase the seller is paid through escrow; on a refinance or cash-out, proceeds wire to your account.

Question 12

Can I close on land I am buying at auction?

Accepted Answer

Yes, if the auction terms give you a workable window — most farm land auctions allow 30–45 days to close, which fits Turnrow's 2–4 week timeline. The move is to apply before auction day, so you bid holding a written term sheet instead of hoping for financing afterward.

Question 13

What happens if the appraisal comes in low?

Accepted Answer

The loan re-sizes to 70% of the appraised value — on purchases, 70% of the lesser of price or appraisal — and you choose how to respond: bring more cash, renegotiate the price, or walk. The rate and terms on your term sheet do not change; only the amount does.

Question 14

Do you require environmental reports on farmland?

Accepted Answer

Not routinely. Ordinary row-crop, pasture, orchard, and vineyard ground closes without environmental reports. A Phase I environmental site assessment enters the picture only when the property's history raises a specific flag — a fuel tank farm, a chemical mixing site, a former industrial use on the parcel.

Question 15

What closing costs should I expect on a land loan?

Accepted Answer

Budget for four buckets: the lender's origination fee, the appraisal, title insurance and escrow fees, and county recording costs. All of them are itemized on Turnrow's term sheet before you commit, and all but the appraisal are paid at closing out of proceeds rather than up front.

Process & Closing