Here in the Palm Springs Valley, equestrian properties are really starting to move. That’s good news for my Land and Equestrian Property Listings, but can a potential buyer obtain a Loan? Realtors that deal in Land, and Equestrian Properties, know that obtaining loans for vacant Land is pretty close to impossible. Why would a lender lend money on something that is difficult to appraise, and doesn’t have anything of tangible value on it?
Equestrian Properties, however, often have homes, barns, and a variety of other amenities. Loans ARE available here in the Local area. I just closed on a 5 acre equestrian property and the new Buyers obtained a Conventional Loan. They did, however, take my advice and got their loan with a LOCAL Lender! Listen to the video here, to get some ideas about “choosing Lenders.”
Though Loans are available, the Lenders will be sticky about the appraisal, and must understand area values. If you don’t go with a Local Lender, it may be much more difficult to get financing on your Equestrian property.