Endurance.Net Ridecamp Archives

As a residential real estate appraiser (Washington State) I
can tell you how it can be easier to get financing.  If the
building looks like a house from the exterior and you call
the whole main floor (stall area) a shop and don't finish
with stalls/horsey living quarters til the final
inspection, it will likely go through pretty well.
Otherwise, they may have to put it through as a vacant land
loan with site improvements that aren't considered
liveable. (At a higher interest rate.) I've not appraised a
barn w/LQ, but have done a shop w/LQ and they are pretty
much the same animal.  Make sure the living area is typical
size for the market. So not under 1200+ sf generally (in
our area anyway.) If the exterior just looks like a house
with a large garage it may fly as a residence.  Then add
the stall doors and walls/paddocks after the final
inspection.  (Like adding a bath in a garage/shop for the
county!)  Be aware, for refinancing at a later date, it may
become a problem and if you sell, the buyer may have
difficulty.  I routinely do appraisals for acreage and
unless they are sent to certain eastern bank underwriters,
I typically don't have problems with having a 5-20 acre
parcel in a suburban area, unless like Beth mentioned,the
property is zoned for smaller lots or a development
potential could create another set of problems.

heidi larson


--- Jackie Hardin <jwinkleman_2001@xxxxxxxxx> wrote:

> I had no problems financing the house/barn.  I had more
> problems with the amount of property being over 5 acres
> with a couple lending institutions.  I ended up going
> with a local bank since we are in a rural area.
>
> Beth Leggieri <trailyaya@xxxxxxxxx> wrote:    Having
> known friends who went through some agony in acquiring
> financing for their projected barn/apartment living
> quarters, anyone planning to pursue construction of said
> structure should do the homework first.  It may or may
> not be possible depending upon zoning codes and lending
> institutions' policies.  Better to find out if it's even
> feasible for a particular location before contacting a
> builder, having plans drawn up, etc.
>    
>   Beth in Texas
>     
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