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| I bought land a year ago and am currently building a house but am running into issues having someone finance me to build a barn. I currently put all my money down on the land and the house. Any suggestions? Thanks! |
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 Accident Prone
Posts: 22277
  
Location: 100 miles from Nowhere, AR | Do you have a truck, tractor, or trailer that's paid off? If so, you can use that for collateral. |
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Btw, I would wait until you close on your mortgage before financing the barn. You don't want to mess up your debt record with a bad ratio or recent addition. |
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| Thanks yes. I plan on waiting want to get something in the works so when I close I can start on the barn. |
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| Just wondering who does it Credit unions etc. the better place to finance. Thanks |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | Bump |
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 Expert
Posts: 4121
Location: SE Louisiana | No..no no NO!!! Not in today's world. Time to get caught up.... Stop spending what you don't have. |
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 Veteran
Posts: 146
| Morton Barn does have some finance options, I don't know if other barn companies do. What are you wanting in a barn? Something fancy or basic? If basic maybe look at cheaper options that you could do yourself. Run in sheds perhaps? Don't forget that you are going to be paying for fencing, along with all the equipment that goes in a barn and goes with owning property. You are only looking at the tip of the ice berg when owning your own horse property. The shell for our barn was probably the cheaper part of the whole thing, add, site prep, foundation, stall kits, stall mats, fans, electric, plumbing, finish out for the tack room, hay/feed room, light fixtures (there are a lot in a barn), paddock fences, gates, etc. it adds up very quickly and the end cost can be more then you originally budget for.
Edited by 4Horse 2015-08-09 7:23 AM
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 Midget Lover
 
Location: Kentucky | I financed my barn. It would take me years to save up what I have in my barn. I used my credit union and they take it automatically out of my paycheck.
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | The only reason I would finance a barn is if it would make/save money.
Are you getting your horses out of an expensive boarding situation and so the payments/care would be less than what you are paying now?
do you live in a climate that makes a barn a must?
Are you in a good location that would be desireable for others to board?
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 Color My World
Posts: 4940
Location: My perfect world bubble | We financed our barn at our old house (about 10 years ago) with a loan through our Credit Union. We didn't have to provide any collateral and set it for a short term (24 months.) A friend of mine financed hers over 10 years through an Ag loan - I believe it's now paid off as well. |
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Good Ole Boys just Fine with Me
Posts: 2869
Location: SE Missouri | We are headed down this road also. We have the land and fences but that is it. Kinda nice to start from scratch but also a ton to do. |
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| No I am not getting over my head and never would. I put down alot of money on my house my payment arent very high. I am not looking for a fancy barn just normal barn with stalls. I make good money RN supervisor. I have always been good with my money and have a nice savings account. I would only take out for 3 years and I will probably have paid f by then. I was just seeing who would finance a barn Bank,Credit union etc. Thanks for all the imput. |
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | We went through our local bank and did a 3 year loan. |
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