Comps for unusual property - Posted by Sandra

Posted by dutch on April 09, 2006 at 21:07:29:

The value will be based on several factors. As a business, it will be based primarily on NOI. The 160 acres would have a value as raw land. I don’t think you’re going to get a 95% residential home loan on this. I would be talking to a commercial lender.

Dutch

Comps for unusual property - Posted by Sandra

Posted by Sandra on April 09, 2006 at 14:11:27:

I am looking at a property with over 160 acres, a mansion and several other buildings. This is the only one of it’s kind in the area. How do I find comps for such a property?
This property will be used for a business similar to a B&B.

Re: Comps for unusual property - Posted by GMann

Posted by GMann on April 10, 2006 at 12:03:46:

I would not try and get a loan on the whole 160 acres.

Best bet is to split it up and do a loan on the mansion + 5-10 acres. The type of the other buildings wasn’t listed so if they support a B&B then include them in the mansion parcel. If not…separate them also.

Basically you are making an unusual property less unusual.