Lending options please

[Caleb Wolf]

Hello bigger pockets members. I found a beautiful rural property far below market value but it has a hand dug well. Never seen one of those before but it functions fine and has a good filtration system in the house.The property and the three large building on it are unpermitted builds. The home has minor water damage in a bathroom. It's on 7 acres and has a pond. What kind of loans can I get? I tried talking to conventional fha a private equity. It seems like everyone I've talked to requires either 5 or less Acer's in rural Washington. Or permits on the building. If the lender doesn't care about those two (only found one) then I have to already have an active home loan on a primary residence. Any help or advice would be appreciated I don't expect this place to last the week in my market.

I had planned to buy it to rent out the house almost immediately. And prepare it as an air BNB for long term. 

[Chris Watkins]

Quote from @Elealeh Fulmaran:

Tough combo: rural, 7 acres, hand‑dug well, unpermitted structures, and minor water damage knocks out most agency and FHA options. Move in steps: first, verify with the county what it would take to legalize the buildings and the well; second, pursue non‑agency routes like hard money or true private lenders to acquire fast, with a rehab and permitting plan; third, once permitted and stabilized, refi into a conventional or DSCR product. If you can't clear permits, consider seller financing or a land loan with improvement escrow. Build a worst‑case exit and don't count on STR income until zoning confirms it.

 Agree with this advice. Too many risk factors stacked on that deal for most lending options. If the property is truly a steal, a hard-money lender can get you the cash for the initial purchase and work. You'll need a solid plan and budget to get the property to a financeable condition (fix the main house, dig a proper well, get structures permitted, etc...). Then you'll be able to qualify the property for more financing options. Acreage can be a limitation for some loan options, but the typical rationale is that the main value of the property has to be the structure and not the land.

Might be a good case for seller financing, too. If they can hold the note while you tackle the above issues, you can likely save yourself some money dealing with those risk factors.