# Land/Metal building loan



## live2fish247 (Jul 31, 2007)

My wife and I are purchasing a piece of land and building a metal building that will be temporary living quarters until we build the house. I am running into a problem with local institutions getting a loan that will include the building. The land loan is no problem. I know several people on here have built "barndominiums" and I was wondering if anybody had any suggestions on where to go for financing. I am paying cash for the living quarters construction but I need to finance 80% of the land/building cost.:help: Our house has sold and we have a contract for the land so I need to make this happen pretty quick. I can just get the land financed and do the building separately but, I'm afraid that will lead to more issues with the land not being paid for. The total amount of the loan I need is less than my current mortgage so I was confident I would have no issues getting financing. I now know we should have done some more homework ahead of time but, it's too late for that now. We currently have a plan in place that will allow us to be debt free in 2.5-3 years going into the house build so, I really feel like we're doing the right thing. Once the house is built, we will have a great deal of equity with the land and building paid for. I just need to make it happen now. Any suggestions will be greatly appreciated.


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## bwebster (Dec 7, 2006)

have you looked into getting a line of credit at your bank....not sure of your finances, but may be able to qualify for an unsecured line of credit that you can draw on for whatever you need....typically renew annually, but assuming credit ok, bank shouldnt have an issue rolling it over the following year


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## Troutman123 (Mar 21, 2007)

*Capital Farm Credit*

That is what we do ....Where is the land located ?


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## Centex fisher (Apr 25, 2006)

Yep, Capital Farm Credit does barndominium loans. Have a friend who runs one of their offices.


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## live2fish247 (Jul 31, 2007)

The land is located in Santa Fe. Both my wife and I have very good credit so I may try the line of credit route. I actually got some good news from Texas First Bank this evening. Their the first ones that will do the land and building together. I bank with Amoco and they pretty much told me they couldn't help me with the building unless it was already there. Looks like I may be moving my banking elsewhere. I have looked a little at Capitol Farm. I'm going to contact them tomorrow to see if I can get a better rate. Texas First offered 6.92% for a 15 year note. From what I've seen so far that sounds about right.

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## millertym_1978 (Apr 13, 2006)

*Tdecu*



live2fish247 said:


> The land is located in Santa Fe. Both my wife and I have very good credit so I may try the line of credit route. I actually got some good news from Texas First Bank this evening. Their the first ones that will do the land and building together. I bank with Amoco and they pretty much told me they couldn't help me with the building unless it was already there. Looks like I may be moving my banking elsewhere. I have looked a little at Capitol Farm. I'm going to contact them tomorrow to see if I can get a better rate. Texas First offered 6.92% for a 15 year note. From what I've seen so far that sounds about right.
> 
> Sent from my SCH-I510 using Tapatalk 2


Amoco Credit Union is not what it use to be, TDECU has treated my family great!!


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## houtxfisher (Sep 12, 2006)

Buddy of mine had a tough time financing his barndominum until he finally applied with Prosperity bank. Might try them.


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## live2fish247 (Jul 31, 2007)

Thanks for all of the suggestions!

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## Reel Hooker (Oct 14, 2009)

Prosperity Bank financed my shop. Very helpful group. I used the Hempstead Branch. Speak with Cynthia Powers (Bank Manager)


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## bassmaster2004 (Aug 2, 2004)

Reel Hooker said:


> Prosperity Bank financed my shop. Very helpful group. I used the Hempstead Branch. Speak with Cynthia Powers (Bank Manager)


X2 Mrs. Powers will treat you right.


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## Troutman123 (Mar 21, 2007)

*That rate*

Too high!!!!!!!!!!!



live2fish247 said:


> the land is located in santa fe. Both my wife and i have very good credit so i may try the line of credit route. I actually got some good news from texas first bank this evening. Their the first ones that will do the land and building together. I bank with amoco and they pretty much told me they couldn't help me with the building unless it was already there. Looks like i may be moving my banking elsewhere. I have looked a little at capitol farm. I'm going to contact them tomorrow to see if i can get a better rate. Texas first offered 6.92% for a 15 year note. From what i've seen so far that sounds about right.
> 
> Sent from my sch-i510 using tapatalk 2


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## jck (Sep 7, 2009)

*tdecu*



millertym_1978 said:


> Amoco Credit Union is not what it use to be, TDECU has treated my family great!!


Would not even bother with them. I have been with them for almost 20 years and since they have gotten so big they are horrible to deal with. Very nice but terrible banking wise.


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## Lyssy (Sep 8, 2010)

We jus had a shop built on our land and had to get a builders loan from Texas first. I wouldn't mind finding a cheaper rate too but not sure who all does them and now that my building is up is it still considered unimproved property?


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## Troutman123 (Mar 21, 2007)

*Capital Farm Credit*

This is what we do , rates being discussed here are too high....Just saying



Cumminsfirefighter said:


> We jus had a shop built on our land and had to get a builders loan from Texas first. I wouldn't mind finding a cheaper rate too but not sure who all does them and now that my building is up is it still considered unimproved property?


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## Lyssy (Sep 8, 2010)

So who are you with troutman?


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## Lyssy (Sep 8, 2010)

Sorry I found out. Wish tap talk would show the subject.


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## Troutman123 (Mar 21, 2007)

*Our Dayton*

office can help yoou 1-800-460-2687 If you go to www.capitalfarmcredit.com you can get a wealth of information be sure and read about our patronage program we return our profits to our borrowers


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## LBS (Sep 2, 2004)

Troutman123 hooked me up with his people at Capital Farm Credit a few years back on a raw land loan, good people, easy transaction, and you get paid dividends.


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## ITRIED (Sep 11, 2005)

not sure how much cash your needing to boot, but TDECU has loaned me $60k un-secured no problem


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## live2fish247 (Jul 31, 2007)

Troutman, I got the paperwork in progress for Capital Farm. Man was I selling myself short with the other interest rates!! To the tune of about $150 a month. Thanks for letting me know about y'all. Looking forward to doing business.

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## dandrus2006 (Jan 20, 2015)

if you don't mind my asking, who build the barndominium? My husband and I are looking to build a small shop and live in it as well while we build the house.


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