Barndo Financing / unconventional mortgage

[cmeadors]

I know its talked about alot on here but wanted to see if anyone has any new intel on unconventional loans as these barndos have become so popular and more common recently.

I own 17 acres in Bulverde with an awesome owner financing agreement in place - 4% interests rate. I still owe 140ish on the property

The banks iv'e talked to want to break off 10 acres and do a traditional build but I want to keep the property intact and stick with a Barndo style. Besides Capital Farm who has had success with using other lenders for a C2P loan on a barndo & land package.

Any advice on this subject would be greatly appreciated.

Thanks,
Chase

[jshouse]

in

[BrianL]

The loan you are referring to is a conventional loan, but not secondary market qualified. What they are telling you is they want to be able to sell the loan off to secondary market. If land exceeds 20% of the value of the mortgage it does not meet secondary market guidelines. I think the 10 acres may be in the working on secondary rules as well. Any local bank or credit union that does in house loans should be able to do what you are wanting.

[CabezaBlanca]

Check with the small local banks in that area.

[centex hunter]

We went with Lonely Stars Ag credit.

[cmeadors]

We went with Lonely Stars Ag credit.

thanks,. ill be calling them

[Howard]

I built mine 4 years ago and local banks did it - I did construction loan with First National Bank of Bellville Then when done - 3 months later I let Prosperty Bank do it for 15 years under 3%

[Mike D]

We went with Lonely Stars Ag credit.

Loney Star? I've heard on Lone star Ag, but not Lonely Stars.

[Codie]

As stated above - You need to be asking for a local lender that keeps their loans in-house. I do this same loan often in my lending area but can't help you on a construction loan that far from my local area.

[cmeadors]

thanks again for the input guys

[dhillis]

Did you guys go into each bank, or just make lots of phone calls/emails to get a loan?

[CabezaBlanca]

Did you guys go into each bank, or just make lots of phone calls/emails to get a loan?

I have done both.

[jimned]

Try Capitol Farm Credit ,they also loan on Brandos.

[dhillis]

Try Capitol Farm Credit ,they also loan on Brandos.

I tried, but since I am in the extrajurisdical territory they wouldn't do it.

[BigThicketBoy]

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