DaveB
10-29-2014, 03:56 PM
I'm hoping that someone here might be able to point me in the right direction. Back in the 40s my grandfather purchased a block of land and subsequently gave blocks of land to close family members over the years, including my Dad and uncle. My sugar house is located on my Dad's property where I also have the bulk of my maples. My former uncles house and property have come on the market and I have an opportunity to acquire it, IF I can finance it. It's been out of the family for about 20 years.
This all came all of a sudden and I was just not prepared financially. My Dad offered as collateral all his back woods which forms one of the property lines of the land. My idea was that I would merge the two properties and double the size of the lot that I was looking to buy, thus giving me equity in it. I've since learned that banks would not look at it that way and that they don't look at collateral like they used to. It all boils down to the existing purchase and I have to decrease the loan to value which means that I need a down payment that I don't have.
Is anyone aware of any programs where I could obtain a grant or loan to help with the down payment? I could have it in about 6-8 months but the sellers just want the place sold and have said that they don't want to wait more than a few of months. This would be a real opportunity to re-unite these two properties and give me more trees and space for other crops, including space to make value-added maple products.
I'm hoping someone can help! Thanks.
This all came all of a sudden and I was just not prepared financially. My Dad offered as collateral all his back woods which forms one of the property lines of the land. My idea was that I would merge the two properties and double the size of the lot that I was looking to buy, thus giving me equity in it. I've since learned that banks would not look at it that way and that they don't look at collateral like they used to. It all boils down to the existing purchase and I have to decrease the loan to value which means that I need a down payment that I don't have.
Is anyone aware of any programs where I could obtain a grant or loan to help with the down payment? I could have it in about 6-8 months but the sellers just want the place sold and have said that they don't want to wait more than a few of months. This would be a real opportunity to re-unite these two properties and give me more trees and space for other crops, including space to make value-added maple products.
I'm hoping someone can help! Thanks.