Loan for Cabin Rental Business?
by Reindl4, Window Shopper
- Created: February 18, 2014, 10:07 am
- Updated: February 18, 2014, 10:23 am
My husband and I and my inlaws are starting a cabin rental business with the prospective location near Granbury/Glen Rose, TX, or possible another local popular lake area. We are hoping to get a loan for the land property that we want to buy but am not sure which loan we could apply for. My father in law has collateral in two paid off houses, and my husband and I are planning to sell our long term rental property this summer. We approached a larger bank about a loan but they said no unless my FIL opts for a home equity type of loan, which he does not want to do. Any ideas on what to do to get a loan? We are currently working on the business plan and already have a cabin builder lined up. Thank you! Edited to add that we all have excellent credit, and are open to searching for grants as well.
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