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Why is it so hard to get a loan on a monolithic dome home?

A monolithic dome is a concrete structure, with foam, rebar, and shotcrete concrete. The homes are almost un destuctable, withstand earth quakes, tornado's, hurricans etc. But the lending instuties won't make a loan on them. Why?  
  • January 12 2010 - US
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Answers (11)

I may have a lender for you.
  • January 29 2010
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Profile picture for Memphis Owners12
It has to do with the ease of selling the property in the event of default.  This is often where your very local banks can compete.  Try contacting them.  Another good starting place is to ask the companies that build these where their other customers have gotten financing.
  • January 13 2010
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Profile picture for ducestecum
There's a home like this near where I live.  It looks like the Teletubbies complex.  Perhaps that's the issue . . .
  • January 12 2010
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Profile picture for lunasea578295
magical house  Yes its that too.
  • January 12 2010
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is it indestructible?
  • January 12 2010
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Luna,

Hamp's first comment "no overall product resale history."

Besides value based on construction costs or comparable sales, another factor is if the lender had to foreclose, how long would the property be on the market?

If this type of property was in demand, comps would not be that hard to find. Since it's not, how many folks out of 100,000 would buy one?

Most Lenders don't want to take on that big of a risk. .... Good luck, Rudi
  • January 12 2010
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luna
Here is another reference for you.  domebuilder
  • January 12 2010
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No lunasea, comps (comparable sales) are used by the appraiser, to determine the value, for the Lender.
  • January 12 2010
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Profile picture for lunasea578295
Paul Mondello, I have contacted several people on the dome home lender site, and the three I e-mailed went belly up.
Hamp Yonce, yes that is somwhat of the problem, is comps. But comps usually leave a lot to be desired. You would think they would have a cost per sq ft of what it would cost to build in materials and labor. Comps are more used for what the city goes on for property tax.
  • January 12 2010
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luna
You have the right long term idea more so then the stick house consensus, but traditional lenders don't see it that way, based mostly on the Dome Home being a 'Unique Property'... as Hamp said there are likely no other homes to traditionally compare it to.  
...you might find something here. Dome Money?  
 

  • January 12 2010
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No appraisal comps. No overall product resale history.
  • January 12 2010
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