Metal Building Financing

[Budman68]

I would like to build a metal building on my land, but most of my capital is wrapped up into building my new home. Since the house is only in forming, I don't think there is much to collateralize. Any suggestions on who finances buildings? Estimates are running around $50K to $55K.

[Triple 7]

I would like to build a metal building on my land, but most of my capital is wrapped up into building my new home. Since the house is only in forming, I don't think there is much to collateralize. Any suggestions on who finances buildings? Estimates are running around $50K to $55K.

Why can't you add it to your construction loan?

[tigerscowboy]

Why can't you add it to your construction loan?

That's the answer.

[Draco]

Why can't you add it to your construction loan?

This is what most people do.

[Budman68]

Why can't you add it to your construction loan?

I’m not taking out a loan. I’m also the general contractor.

[Codie]

Small home equity loan should do the trick. You will be limited to 80% of the value of your properties as-is appraised value so you might need to wait until your home is built unless you have quite a bit of acreage or a very valuable lot. This is assuming that your land is owned free and clear

[Bisch]

Metal Building Financing

I just got mine financed through my local bank, but I have my home loan there, and my shop loan was a home equity loan. If you don’t have a loan on your home, then that probably is not an option for you until after your home is complete and appraised.

Bisch


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[Budman68]

Thanks gentleman, that is what I thought. We were hoping we could build the shop and store our furniture in there until the house is finished. Someone told me you could finance it as a mother in law suite, might look into that.

[tigerscowboy]

Ask your lender. They have seen every situation and can get creative. It's as much a win for them as it is for you.