Financing your yurt

In 2006 Bob Tedeschi published the article “Finding Loans for Yurts or Prefabs” in the New York Times. This was before the mortgage crisis we now know so well, so I’m not sure if it has become more difficult to obtain financing for yurt construction. Here’s one tip:

“Lenders sometimes balk at lending money for properties they believe they cannot accurately appraise, or for which there may not be a strong market if the house is sold…The trick, [Morgan Reiter, the founder of Oregon Yurtworks] said, is in the nomenclature. ‘They said, “We don’t know what the heck a yurt is, but to us this looks like a beautiful, contemporary, architecturally designed house.” ‘

From then on, Mr. Reiter said, he advised clients never to refer to their houses as yurts. ‘If you just tell a bank’s appraisers an architect designed it,’ he said, ‘they’re fine.'”

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One response to “Financing your yurt

  1. Pingback: Yurts explain peer-to-peer lending « Yurtastic!

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