Business Loan/ Construction Loan for Wedding Venue
Hi,
I am hoping to get pointed in the right direction. My wife and I have the goal of building a wedding barn on our acreage. I am nervous about how to proceed with getting a bank loan. I am not sure if our current investments can play a role in our loan process, which is why I am turning to the Bigger Pockets community. Any help is greatly appreciated. Here is our situation:
Rent House 1 (Paid Off) Appraised at $92,000
Triplex Rental Units (still owe 58,000) Appraised at 110,000
55 Acres Land (Paid Off)
Our hopes are to build a Barn / Bride & Groom Quarters / Landscaping that should roughly cost us between $150,000 and $200,000.
If I go to get a Business loan, what are my options that would allow us to have the least amount of down payment possible? We could hypothetically save money up for a size-able down payment, but we would rather not have to do so if possible. Thanks in advance.