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strange mortgage query

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  • 03-07-2009 12:23pm
    #1
    bogwalrus
    Registered Users Posts: 1,454 ✭✭✭


    i hope this question is not too weird.


    Lets say there are ten people that want to build ten log houses at a bargain price off one construction company. Those ten people also want to live in the same plot of land (lets say a ten acre plot).

    What are the possible ways of getting finacing for this building operation, as in mortgages etc. WOuld each of the ten people just have to get out individual mortgages or is there some other "cheaper" way of getting financing?

    Maybe set up a registered business with the ten people or something?

    I am really just looking at the cheapest way of getting it done and what banks would be willing to do.

    This is for a communal idea by the way.

    I have priced the whole operation to be around 2 million. Between ten people thats only 200K each.

    Anyway any help would be great.


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    #2
    dah
    Registered Users Posts: 69 ✭✭dah


    Log Houses be an issue on the basis that be considerable amount of wood (sorry if I take up log house definition incorrectly) and lenders would be very reluctant to finance such a project.

    Other issue be 10 persons looking for approval of project.

    Best bet, if you have this piece of land already in all your 10 names is to get solicitor to split folio into 10 and then seek planning for 1 house in each individual folio. House of bricks and morter and not wood.

    Hope this helps a bit


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