Financing a stick-built house move - any ideas?

[Hannah Krebs]

Hello BiggerPockets community,

I am planning to move a house from its original foundation to a new one in a new location. The house is stick-built in the 1970's and will be moved be a licensed, bonded and insured contractor with 40 years in the business. What I'm curious about is if I can finance any part of this move. I own the lot it's going on outright and plan to pay cash for the house and the move, which I feel would be the biggest concern for a bank. I am also able to pay cash for most of the expenses, but was hoping to get a construction-type loan set up for overages and to reduce my direct out-of-pocket.  What I'd be looking to finance is the foundation and contractor costs to hook up to utilities and update the plumbing and electric in the house itself. The value of the house on the new foundation will be ~220k and I am hoping to get a loan for about $60K.

Does anyone in the Minnesota or Midwest area have an idea who may be interested in financing this kind of a deal? I plan to occupy this home for two years and then turn it into a rental. I also plan to convert the construction loan into a conventional mortgage afterward and pull my money out. I have spoken to Agstar already and they would be willing to do the loan IF it were in a slightly more rural location. Darn. My other option is to get a HELOC or refinance my current home which I have ~150k equity in. Since I'm selling the house in the early summer I'd rather keep the new project loan separate so as to not complicate the sale process.

Any ideas are greatly appreciated. Thanks in advance!