Horse Barn Financing

Can you finance a horse barn?

Yes, there are several ways that you can finance a horse barn, all providing you with the money you need to build a barn, whether it is for personal use or business use. Typically, horse barn financing will involve receiving a lump sum which you are then required to pay back over a set term, with interest paid on top. The amount you will qualify for and the interest rate offered will depend largely on your credit score.

Best Horse Barn Personal Loans

Some of the best horse barn personal loans include:

LightStream

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.

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Upgrade

✔ Funding: Borrow $1,000 - $50,000
✔ Minimum Credit Score: 660
✔ APR: 5.94% to 35.97%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as next business day

Upgrade offers borrowers with fair credit scores to obtain loans up to $50k. Joint applications are allowed. Origination fees may apply.

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OneMain Financial

✔ Funding: Borrow $2,000 - $36,500
✔ Minimum Credit Score: no minimum requirement
✔ APR: 18.00 - 35.99%
✔ Loan term: 2 - 5 years
✔ Funding turnaround: 24 - 48 hours

With OneMain Financial, borrowers can obtain a personal loan of up to $20K without a minimum required credit score. Origination fees do apply and the lender offers bonus financial education tools and calculators.

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Marcus by Goldman Sachs

✔ Funding: Borrow $3,500 - $40,000
✔ Minimum Credit Score: 660
✔ APR: 6.99-19.99%
✔ Loan term: 3 - 6 years
✔ Funding turnaround: typically within one week

Marcus offers loans that are best for debt consolidation and has attractive customizable loan repayment options. While funding may take up to a week, there are no hidden fees and you may obtain competitive interest rates.

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To discover the best personal loan for you, check out our comparison tables to see rates and terms all in one place.

How much does it cost to build a horse barn?

The cost of building a horse barn varies greatly depending on the materials used and the complexity of the design.

You have the option of building a pole barn, which doesn’t need a foundation or a wood barn. A pole barn starts at $5,000 for materials, reaching up to about $30,000+ for a large-sized pole barn. Adding stalls can then set you back between $100 and $1,000 per stall. This is a good option if you’re simply looking to keep your horses dry and warm.

A wood barn with a hayloft starts at $20,000 up to $100,000 depending on what is included within the design. If you opt for a pre-fabricated kit wood barn, you can save on costs. This type of barn will also need a foundation, hardware, and professional labor, potentially doubling or even tripling the total cost.

What kind of loan do I need to build a horse barn?

If you are looking for horse barn financing, there are several options available, including:

• Construction Loan: This type of financing works like a payment plan to your contractor, through an external lender. The lender will pay the contractor in installments for each stage of construction which you then pay back over time with interest. You will need to supply blueprints to secure this type of loan. A construction loan with either turn into a mortgage when construction is completed or will only cover costs until the construction is finished.
• Personal Loan: If you have a healthy credit score, you may be able to use a personal loan to finance your horse barn. You will receive a lump sum which you pay back in weekly or monthly installments, typically over 2-5 years, with added interest. You may find that this type of loan will not provide you with enough funding if you are looking to build a more intricate, wood barn.
• Lot Loan: A lot loan involves financing the land purchase to use cash for the construction of the horse barn. The land will need to be ready for development when the loan is taken out, otherwise, the land is considered ‘raw’.
• Farm Loan: Farm Service Agency (FSA) loans, offered by the U.S. Department of Agriculture, can be used to construct buildings (as well as other aspects of farming operations). These are offered to family-size farmers/ranchers who are unable to qualify for financing from a bank, credit union, or other lenders, as well as those who have suffered as the result of a natural disaster or limited resources.
• Home Improvement Loan: A home improvement loan will only be an option if you are looking to make a renovation or remodel rather than building a new construction.
• Business Loan: If you keep horses as part of your business, you might be able to take advantage of a business loan. The loan amounts, interest rates, and loan terms vary from lender to lender, and you will likely need to present a business plan to qualify for this type of loan.