Finance Options for Pole Buildings
One of the first questions you’re likely to ask when planning a pole building is, “how much will this cost me?”The question that inevitably follows is, “what are my financing options?”
Because we understand that not everyone has cash on hand to pay for their new building outright, we’ve included some great financing options to look at.
Two of the financing lenders that are popular in the market right now are Hearth and Sunbank. If you’re interested in obtaining a loan from one of these companies, we encourage you to reach out to them directly.
The other option is to simply reach out to your own bank—you may find that they’re able to offer you an even better rate!
Most Common Types of Loans for Pole Buildings
Most of the time, lenders will issue a Home Improvement Loan or a Home Equity Line of Credit to help you build your dream building.
Home Improvement Loan
A home improvement loan is a personal loan that can be taken without collateral, which means that you will not need to hand over your home title to your loan provider to obtain the loan. Instead, home improvement loans are based on your financial credentials, such as credit score and income. Home improvement loans are generally dedicated to home renovations.
Home Equity Line of Credit (HELOC)
Unlike the home improvement loan, a home equity line of credit does require your home equity to be used as collateral for the line of credit. Meaning, the amount you owe on your home needs to be less than your home’s value to borrow the equity. HELOC is commonly used for home renovations and repairs. Between home improvement loans and HELOC, we see HELOC being used more commonly by our clients.
The exact type of financing you receive depends upon your unique financial situation, so the best recourse is to start exploring your options and see where you end up.
When to Look into Financing Your Pole Barn
If you already know that you’re going to need some assistance when it comes to paying for your pole building, then it’s a good idea to investigate financing options and soon as possible. Here at Beehive, although you will not need to pay for your entire pole building upfront, a down payment is due to secure your spot in our schedule. This means that having your finances in line from the start will ensure that you don’t suffer any setbacks so you can enjoy your brand new building as soon as possible!
Now that you have a better idea of your financing options, check out our blog How Much Does A Pole Buildings Cost? to see what you can expect to pay for your dream pole building. For a more precise estimate on your pole building, contact us and get started on planning the pole building you’ve been dreaming of!