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Financing in 19061 : Real Estate Advice

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Fri Oct 23, 2009
SBrazill answered:
Kim,
We've been trying to get a loan on our own, so we haven't spoken to the owner about those options yet.
I don't think that there is a mortgage on just the property that we wish to purchase, as it has been subdivided from another property, and they had originally been purchased together.

Bill,
That's just the thing; for a construction loan, they either want it to be raw land, or they would require us to tear down the existing structure. We've been exploring the options of small banks and reaching out to ones that may listen to our story. We've had zero luck with large banks. We've seen other barn conversions in the county, and there is an old farmhouse renovation right next to it that is on the market for about twice what the purchase/reno of the the barn would cost. It's a great project, we just have to find someone who'll listen to us long enough to find out what a great project it is!

Thank you both for your insight.
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