Wedding Venue Financing
So my Wife and I have been throwing the idea around of selling our house and buying this 30 acres of farmland that has no improvements on it and build a Wedding/Event Venue on it with a 250-300 person capacity barn style and a 3-5 acre pond with a 10,000 sq ft island to do outdoor weddings on. 7 Acres of road frontage is currently zoned B1 for Business the rest is residential agriculture if i recall correctly none of it hinders us from doing what we are looking to do from what the county has said. 1 option was to build a home as well on it the and and do the barn to do weddings and the 2nd option was to just build the event venue and no home. Not sure which finance strategy would be best or what the best ways to buy the property would be like creating a holding company, doing residential mortgage commercial loan, SBA loans etc etc. There are so many options and its important for us to move in the best direction so we can be profitable and get the money to build. We could put around 200k down but have assumed cost to buy the land at $625k (haven't negotiate that part yet seemed quite high found other property in the area for $385k but like the location better) to build the facility and develop the land we assumed a cost of about 1-1.3 mil so a total maybe in the range of 1.5mil-2mil loan. Any help would be much appreciated especially if you are in this business and willing to speak about your success and pitfalls we can try and plan for. Thank you all for your responses and help I just joined this today and first time I posted on here. Hoping to get some good insight. Also land owner is open to land contract as well.