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Updated over 7 years ago on . Most recent reply

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4
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Kyle Johnson
  • Rose Bud, AR
0
Votes |
4
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Business Loan/ Construction Loan for Wedding Venue

Kyle Johnson
  • Rose Bud, AR
Posted

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.

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