Is there any banks that loan based soley on property?

My parents have a 125 acre farm with 2 homes, 2 barns, 2 buildings, cellar, 2 ponds, 2 springs that they are wanting to sell. They are wanting to move into town since they are getting older. They have found a house that is $110,000 and needs some updating. They are wanting to borrow $135,000 and do it in a single payment loan or small payment loan with one big payment at the end (like a balloon loan or something). My dad only gets social security and mother has no income. The farm is well worth over $235,000. One bank they went to said they could not loan them the money just based on the property that they had to have income enough coming in to pay back the loan. Their intentions were to let the real estate company advertise the farm till somewhere between february to april and then auction it and immediately pay the loan off. So do u know if there is any lenders out there that will loan based soley on property? In the past they have borrowed large amounts of money to buy cattle and their income has not changed since then and they was able to borrow it then. Have the laws changed recently? Am located in kentucky? Will banks do asset lending when you don't have a business? I noticed in my searches of asset lending it kept talking about businesses.

2 months ago - 0 answers