Posted on: 03rd Feb, 2010 03:29 pm
I want to refiance and also place a long-term lease on a portion of the property that will include deed restrictions. The lease is set up to ensure conservation of the land. The lease will cover around 5 acres, a portion of the land without the house. Before the attorney spends more time on writing up this lease I want to find out if the banks are going to have a problem with it. I want to find out at this point so I can consider changes to the lease before it is finalized. I want the lease to be recorded at the time the refinace paperwork is recorded.
hi cjrorabeck,
before you contact the attorney and draft the lease agreement from him, i would suggest you to contact your lender and discuss the issue. there are chances that he may have issues with the lease contract. your lender would let you know whether or not he would be ready to refinance the loan if you go for the lease agreement.
thanks
before you contact the attorney and draft the lease agreement from him, i would suggest you to contact your lender and discuss the issue. there are chances that he may have issues with the lease contract. your lender would let you know whether or not he would be ready to refinance the loan if you go for the lease agreement.
thanks
Lease options can be useful buying tools, but they're not for everybody. In fact, some of lease options do not end with the lessee (the renter or prospective buyer) purchasing the home or any thing else, and while that's sometimes for a good reason.
If you have approached a bank or leasing company for your equipment and construction loans, the lending institution will expect that your premise lease term matches or exceeds the term of your loan payment. If the term of your loan is five years, the bank will want your premise lease to run for a minimum of five years.
If you have approached a bank or leasing company for your equipment and construction loans, the lending institution will expect that your premise lease term matches or exceeds the term of your loan payment. If the term of your loan is five years, the bank will want your premise lease to run for a minimum of five years.