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Old 04-18-2016, 01:45 PM
jamo jamo is offline
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Join Date: Apr 2016
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Question financing issues due to metal building on land

I'm trying to finance a lease option property I got into 2 years ago, I have until Jan 31st 2017 to pay the balloon payment of $285,000.00 or walk away from my investment. The property was distressed in nature and the house has been completely renovated out of my own pocket to make the property finance able.
The issue that has now come up is the fact that the property has been annexed into the city and classified a C1 zone which allows a mix of residential and commercial - the underwriters are telling me that because the metal shop building is more square footage than the house that they cannot loan $$$ on the property. I've tried numerous banks, veterans admin loans, and credit unions and get the same answer.... Does anyone know of an alternate route to obtain financing on a property with non conformance issues?
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Old 04-26-2016, 09:38 AM
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EliteFactoring EliteFactoring is offline
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Location: St.Louis, Mo USA
Posts: 5
Default Re: financing issues due to metal building on land

You might wanna try a stated income financing program. Many lenders offer this!
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