A land loan is just that, a loan on unimproved land. Land loans may be used to purchase land, refinance etc.

Money loaned for the purchase of raw land.

A loan for the acquisition of land without any improvements thereon. Usually held in anticipation of zoning and until plans are drawn and construction financing can be obtained.

Loan used to purchase land. There is more risk connected with the purchase of unimproved land than improved property, therefore, a mortgage for unimproved land will usually have a higher interest rate.