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Message
Difficulty finding financing.
Posted on 5/13/17 at 12:45 pm
Posted on 5/13/17 at 12:45 pm
I have some friends that are trying buy a place on the river. It has a main house a second house that was turned into a rental duplex and a third build with the interior unfinished that could be used for anything. No issues with the house or buildings or flooding. They cannot find anyone to finance it because it considered 2 dwellings on one property. It also cannot be divided because of the zoning. Anyone every heard of this situation or know of a solution? Qualifying for a loan isn't a issue they have good credit.
2
Posted on 5/15/17 at 7:18 am to Ponchy Tiger
quote:
I have some friends that are trying buy a place on the river. It has a main house a second house that was turned into a rental duplex and a third build with the interior unfinished that could be used for anything. No issues with the house or buildings or flooding. They cannot find anyone to finance it because it considered 2 dwellings on one property. It also cannot be divided because of the zoning. Anyone every heard of this situation or know of a solution? Qualifying for a loan isn't a issue they have good credit.
Will they not finance it due solely to structures or will it not appraise since structures are unpermitted and appraiser can not give value desired? The latter seems more plausible in my experience.
Posted on 5/15/17 at 11:39 am to Ponchy Tiger
My guess is that the zoning doesn't allow multi-family. there may also be a lot size requirement that would prohibit division of the lots.
Maybe they can apply for a retroactive variance from the parish govt, and then try to finance it?
Maybe they can apply for a retroactive variance from the parish govt, and then try to finance it?
Posted on 5/15/17 at 1:34 pm to LSUFanHouston
Everything said above. They may be able to try a commercial real estate loan, but if it's a zoning or lot size requirement that sounds like something the previous owners did and are now going to be SOL unless they want to sell the whole thing for cash.
Posted on 5/15/17 at 9:21 pm to baldona
Subdivide property, run new utilities? Finance each piece separate? If one will end up being rental it makes sense to detach it from your primary residence anyway.
Posted on 5/15/17 at 9:45 pm to GFunk
The second building could be called an accessory building to the main residence, or a guest house. (If)
If so it would not be a problem for financing
If so it would not be a problem for financing
Posted on 5/15/17 at 10:50 pm to Drop4Loss
Since it's a duplex, wouldn't it be difficult to prove it's only an accessory building or a guest home but for separate guests?
OP, your friends may have to go to a bank that keeps their loans in-house and not sold on the secondary market. May want to check with First Guaranty, Florida Parishes or a couple of the community banks in St. Tammany parish.
OP, your friends may have to go to a bank that keeps their loans in-house and not sold on the secondary market. May want to check with First Guaranty, Florida Parishes or a couple of the community banks in St. Tammany parish.
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