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Old 02-16-2015, 06:37 AM
 
3 posts, read 9,691 times
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I spent 15 years living off-grid outside of Fairbanks, AK. About as far out of town as you could get and still commute to the city. Built two cabins and two houses during that time.

Moved to Tucson while my wife got her MFA in painting.

Now its time to move on, and we've fallen really hard for the Santa Fe area. Just got back from our first real estate scouting trip, looking at raw land. Unfortunately, every lot we really loved was off the power grid.

Should have enough cash to buy land, construction materials, and pay the bills while we build.

We personally have no problem living off-grid. Would do it in a second. But our worry is that when we want to sell our house, no bank will loan on it. And we'll be stuck waiting for that elusive cash buyer.

Am I right? Is there a way around this? Credit Unions in Alaska were financing off-grid properties. Anyone doing the same in NM?
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Old 02-16-2015, 07:36 AM
 
887 posts, read 1,215,784 times
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Can't really answer your question but I can see why banks are hesitant to provide loans.
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Old 02-16-2015, 08:07 AM
 
3 posts, read 9,691 times
Reputation: 11
I too understand the banks position. Its a niche market, and one that I've only seen smaller, more agile organizations like Credit Unions exploit. Charging a couple of percent higher interest to do so. I wasn't complaining, just looking for a work-around.
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Old 02-16-2015, 08:22 AM
 
Location: New Mexico U.S.A.
26,527 posts, read 51,773,200 times
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Quote:
Originally Posted by MikeSanford View Post
Anyone doing the same in NM?
There is a thread here you might read regarding New Mexico : Off the Grid.

Welcome to the New Mexico forum!
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Old 02-17-2015, 11:49 AM
 
Location: Ruidoso, NM
5,668 posts, read 6,596,333 times
Reputation: 4817
Quote:
Originally Posted by MikeSanford View Post
Am I right? Is there a way around this? Credit Unions in Alaska were financing off-grid properties. Anyone doing the same in NM?
Wow... never thought that off-grid properties would be unable to get loans. With a high down payment I don't know what the issue would be?

NM is great for off grid solar. Best winter sun in the US. Panels are super cheap now and there is even new battery tech that looks promising and cheap. Water is the biggest unknown. Make sure you check that out thoroughly before you buy land and drill the well before you do any building. Hauling water is a possibility if you are going low budget anyway.

Where are you looking... south of SF?
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Old 02-18-2015, 04:19 PM
 
3 posts, read 9,691 times
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Looking South and East- Not planning on going low-budget, just have a preference for things that are a little remote, with trees, and a lot of that is coming up off grid. Should have the capital where we wouldn't need any financing, but I'd prefer building a place that I knew I could sell if I needed to.
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Old 02-18-2015, 06:01 PM
 
Location: Santa Fe, NM
974 posts, read 2,343,939 times
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I'm not aware of off-grid homes having a problem with financing, as long as they will appraise for the sales price (I do know that raw land with no infrastructure would be very tough getting financing for). But it sounds like you've got the resources to buy and build, so finding financing for your project is a moot point. Call around to some local banks and ask their mortgage departments about financing for off-grid homes just to make sure there'll be no problems with financing a buyer if you decide to go that way. There are several great opportunities in the east and south areas you're looking in, both on and off the grid - the size of the parcel and its location, views, and degree of infrastructure will determine the price sellers are asking.
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Old 04-29-2019, 04:51 AM
 
1 posts, read 1,430 times
Reputation: 10
These posts are from 2015. I have an off-grid home in Rio Rancho, NM that I would like to sell. Anyone have a specific bank or credit union that offers off-grid loans in NM?
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Old 04-29-2019, 08:11 AM
 
Location: New Mexico U.S.A.
26,527 posts, read 51,773,200 times
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Quote:
Originally Posted by Hidrologo View Post
These posts are from 2015. I have an off-grid home in Rio Rancho, NM that I would like to sell. Anyone have a specific bank or credit union that offers off-grid loans in NM?
You might read through, which covers all of New Mexico, not just Santa Fe: https://www.city-data.com/forum/new-m...esteading.html
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Old 04-29-2019, 08:17 PM
 
Location: Santa Fe, NM
974 posts, read 2,343,939 times
Reputation: 1122
I'm still not aware of lending issues. Have you tried New Mexico Bank and Trust? Los Alamos National Bank?
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