How much down payment do I need to buy land?
Plan on at least 30% down. Turnrow lends up to 70% LTV of the lesser of purchase price or appraised value, so on a $1M purchase that appraises at value, the loan tops out at $700K and you bring $300K plus closing costs.
The "lesser of" rule is the detail that catches buyers. If you contract at $1M but the appraisal comes in at $900K, the maximum loan is 70% of $900K — $630K — and your cash requirement grows to $370K. Buying at or below appraised value protects your leverage; overpaying comes straight out of your pocket, not the lender's.
The reverse can work in your favor on refinances and seasoned ownership: equity you already hold counts. If you own an adjacent parcel free and clear, or you are refinancing land purchased years ago, the 70% runs off current appraised value — meaning appreciation and paid-down principal can substantially reduce or eliminate new cash at the table.
Sizing tip: work backward from the $1.5M loan ceiling. At 70% LTV, that ceiling supports purchases up to roughly $2.14M with standard leverage; above that price point you are bringing extra equity, which is common and perfectly fine.
The Turnrow angle
Run your numbers before you write the offer — Turnrow's LTV calculator shows exactly what the loan supports at any purchase price.
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