Expert: John Whitehead - 4/5/2004

Question
Hi Mr. Whitehead,

I work for a mortgage broker.  We have a client who has an unusual situation.  He wants to refinance his home.  It is a 20 acre property on which he has built his home on top of horse stables.  It is worth around $500,000.  We have tried every where we can think and no one will touch it with a ten foot pole.  If it helps you any this property is Ag exempt.  Do you have any ideas on who we could contact to refinance this property?

Any help would be greatly appreciated.

Thanks so much for your time,

Amanda

Answer
Amanda, Light of my life,
Can you imagine what their bedroom smells like?  Whew!  Over a horse stable?  And you think someone is going to make these people a loan?  You got 2 chances.  Slim & none.

Anyway,
The local bank is going to be the best shot.  Farm Credit Services may do it.  They will pay a broker 2 points.  You might try these:

http://www.brokeruniverse.com/grapevine/
http://www.weirdloans.com/
http://www.nationalmortgagenews.com/buyersguide/

Wish I could be more help
John