Real Estate Investor · Austin, TX · Member since 2016 · 24 posts · 6 votes
I found a boat storage property that has a house, a nice metal workshop and 50+ boat storage sheds. Is it possible to finance it with a residential conventional loan? I'd love to get a fixed 30 year loan on it... thoughts???
Rental Property Investor · Greeley, CO · Member since 2017 · 226 posts · 99 votes
9y
@Chris Ruoff I have seen some pretty strange properties with conventional financing. I'm not a conventional lender so I can't say for certain that they are available. However, an issue I have seen with a residential appraisal on a property like yours is that appraisers don;t give much credit for outbuildings and additional features. So if that is where a good chunk of the value is at you may have a high down payment to overcome in order to get to an LTV that the bank is comfortable based on the house alone.
I have not tried it, but you should check and see if any of the USDA home loan programs would work for the property. If the boats can be fishing boats or the property is rural you may get a good loan through them.