All Forum Posts by: Eric Rich

@Caroline Gerardo, @Dave Skow I live in the urban agriculture hub in my city. The significance is that the .7 acre I am on is useful for farming and is uniquely situated within Salt Lake City's municipal area. Properties this size are very rare. My lender is an independently wealthy person with only one objective: to preserve land in this area. He was not the seller, but stepped in when I had the house under contract to make sure he could get that conservation easement set up so that I can't do what I am now wanting to do. I would like to refi with another bank. Doubling the interest rate on the loan wouldn't really be too big of a deficit if it means that I could cash out, subdivide and build another house to rent.

Sounds like I've got to get a real estate attorney. Thank you all for your feedback!

I have a unique private loan from someone who has put stipulations on my land use. He has built into the loan terms that I cannot sell the property, subdivide, build or really do anything to the property until there has successfully been a conservation easement placed on the property. I am doubtful that any entity will ever want to place a conservation easement on a city property such as mine, albeit large. I would like to subdivide my property and move away from these really strict terms put on my loan. The really nice thing with staying in the loan is that it's a 20y fixed @ 3.65% on an investment property. My question is: Is there any reason why I couldn't just change my lender? I'm thinking that some of the terms might not hold up legally, so I'd also like to send them to a real estate attorney for them to go over. I'm also interested to know if it's legal as a lender to make your borrower take on a conservation easement. Any help is appreciated. Thank you.