So For the past couple of weeks the Missus and I have been scheming to build ourselves a little house on the farm I own in Mercer County. We had tried to leverage the loan last year, but getting loans last spring was tricky at best, and despite both of us being well-employed and reliable folks, we just couldn't swing the loan, mostly because it was a construction loan, not a mortgage, (I intend to build the house myself) and the bank wanted a licensed contractor to do the work. I was in construction for a decade and a half, and I know what I'm doing. By building myself, I'll save a chunk on the finished house (nearly 40-50%).
So, this spring we're going to try again. I've been talking to a more understanding banker, and he tells me that the farm will collateralize the construction loan, even if I am the builder, and there shouldn't be any problem at all. I own the farm outright (60 or so acres) and the farm values at roughly twice what I'll need to borrow.
So, new bank, new year, and hopefully a new house.
I spent today roughing out an architectural model from the floorplans and elevation drawings (entirely my own design and drawing). Here are a couple of photos of the rough. I'll post more pix as I move the model closer to completion, and if all goes well, you'll get blogs about me building this jewel come May.