Is 9.45% interest terrible for a loan on a lot of land?

I am looking to buy a lot near downtown houston. The lot costs about 40k which is normal and average for lots in this area. I will put 10k down and the remaining 30k will be financed by the owner at a 9.45% interest rate. Is this an okay deal? or am I getting hosed on the interest? Would I get a much lower interest rate at the bank? Owner financing will be much faster
houston, tx

want to buy the land for construction

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