We’re looking to possibly purchase land near our current residence. It used to be utilized as a youth camp and comes with a hefty sticker price. How does one go about financing such a purchase? Monthly 30-year standard mortgage payments seem a bit ridiculous. Is there special financing available for large land purchases?

In addition, we would end up selling/renting our current residence and move onto the property in order to be able to maintain it properly. We also run a business for which we are currently renting a campsite several hours away. We estimate that our monthly net income from this would increase to more than $2300 miminum. (We host events once per month and are our supplies are mostly donated, so our biggest expenses at the moment are gas for 1-2 vehicles and our campsite rent which would be taken care of if we own the site and don’t have to make two 6-hour round trips) We’ve also considered possibly renting out acreage during hunting season and the camp buildings on the weekends we aren’t utilizing it (which would require us to make improvements first). But, none of this is documented since it hasn’t actually happened yet, so I don’t think we’ll be able to include our “planned” income when attempting to gain financing.

Suggestions?
The NFP organization that owns it now currently leases it during hunting seasons, so I’m sure it won’t be a problem.

I’m sure we’d like to build a new home on it (eventually) but that isn’t anywhere in the scope of the near future.

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