Although we did not get a traditional building loan, we were able to obtain a completion loan from a local bank, The Brattleboro Savings and Loan. We were able to obtain such a loan by using 3 strategies:
- presenting the bank with a thorough information packet about straw bale building, addressing every possible concern the bank might have
- demonstrating that the value of the land plus what we had already built on it was worth more than we were asking to borrow
- securing homeowner’s insurance for the building site prior to obtaining the loan
We hope that our efforts to obtain insurance and a completion loan have set a precedent. However, anyone wishing to obtain such a loan should present the bank with a very thorough information packet about the home they are building, and be prepared to address every possible concern.