Find a Good Lender
If you do not have a personal relationship with your bank, financing a garage can differ slightly from your traditional mortgage. Ulrich has a partnership with First Financial that can help turn your dream of a garage into a reality. If you have a good working relationship with your banker, more often than not, Ulrich Garages recommends working with your current bank.
Most banks require a minimum score of 600, 2 years of tax returns, no bankruptcies and a debt to income ratio of 35%-40%. Feel free to call Ulrich Garages to discuss your lending needs.
Land Loans and Construction Loans
Your lender can also provide you with a construction loan, which will allow you to fund the construction of your new garage the day you close on your land. Once your garage is complete, your lender will typically combine both the land and construction loans into one long-term product to fit your needs and budget. Please call Ulrich Cabins to discuss other details needed for to present to your bank/lender.
All lenders will require either a down payment or they may be able to offset the down payment with an equity loan, meaning, they can tie equity you have in your current land to the loan. If you own the land with no lines against, financing is very easy with an equity loan against the land.
Be Your Own Lender and Make Some Money
A popular trend we are seeing more and more of, are clients borrowing from their retirement or 401k penalty free. Basically, you are borrowing money from yourself, paying back yourself, while adding to your retirement portfolio. Speak with your 401k or retirement fund about this secret success of lending.