Years ago most banks would only loan on commercial real estate and a value that was 80% of cash flow. Residential and homes based the repayment on income from other sources.
If the rent from a commercial project was $1,000 a month the maximum loan payment was $800. Bare land, development loans and speculation were handled by private parties and not regular banks. There used to be many contracts and other seller financing.
I guess things changed a lot. Not many investments are more risky than bare land with no income.