In the Midwest region of the United States lies the double-landlocked state – Indiana. Being one of the top humid states in the US, Indiana farmers, with over 50,000 farms, must figure out how to combat heat and moisture to keep their harvest and livestock safe. A steel building with proper insulation and ventilation can easily solve this problem. However, a barn is a large structure with a high initial cost of structural steel. So, what to do? One option is metal building financing.
To pursue a significant construction project on your agricultural land, you will need to secure finances unless you have enough cash. A metal structure in Indiana can cost anywhere from $15 to $25 per square foot (avg.~ $20 to $45 per sq. ft.). If you’re looking to finance a metal construction project, various options are available. With the right financing strategy, you can easily bring your project to life and achieve your goals. Don’t hesitate to explore the various methods available and choose the one that works best for you.
The good news is that installing a steel barn won’t require heavy bank loans and mortgages, as it is affordable and requires little maintenance throughout its life. Let’s look at some of the financing methods below.
If you already have cash sitting in your bank account, use it for self-financing. It is by far the most affordable and easiest option, allowing you to own the metal barn directly without any hassle of paying expensive interest or fees.
You can apply for farm ownership loans, which offer up to 100% financing for farmers and ranchers to buy or enlarge family farms and construct or improve buildings. The maximum amount of the loan is $600,000, with $300,150 for the beginning down payment. Visit their website for more details.
Just like banks offer home loans, you can request steel building financing. You will need a good credit history to secure a loan with favorable terms and rates. Go for family institutions, as they offer competitive rates.
Note: Do not forget to request from multiple sources to see which option offers the best interest rates in your favor.
For those of you who already have the land, construction loans are better. However, you may need to provide an in-depth blueprint of your project, local area rules and regulations, and other documentation.
If you are unable to get a direct bank loan, opt for a direct lender. However, the downside is that they often do not offer competitive rates. Opt for one that has more favorable terms.
To secure funds for a metal barndominium, hire a middleman to help you shop for the best rates and interests. Describe your broker about the type of loan, specific needs, and site to check what they can offer.
This is one of the easiest funds to get. There is no upfront fee, no prepayment penalties, and no appraisal. Also, equity is not required for metal barn financing. The entire process will take about 3 to 48 hours only.
Make sure that the financing name matches the name on the DL. This is a 100% hassle-free option. Contact us today at (704) 579-6966 for more details.
It stands for rent-to-own. In simple words, you will be the tenant of the metal barn until you pay back the amount. After that, you will get ownership. It is a simple process as well. There is no credit check, and it comes with easy repayment plans.
Here, you order a metal barn with a nominal amount and pay the rest in monthly installments. The agreement can buy the home later (~ 3 years).
TIP: No matter which option you choose, always consider the pros and cons of each and consult a lawyer before signing the contract.
No matter which metal building financing you choose, always read about it and discuss its pros and cons. Ensure you understand the entire process, interest rates, extra amount, any additional surcharge, and other details.
Make a choice that aligns with your financial goals and gives you the most favorable deals. If you need any help with steel building financing, call Viking Barns at (704) 579-6966.