Hangar finance possibilities?

[Jr.CubBuilder]

I'm trying to buy a steel hangar that is already constructed and located on leased land. An old friend has retired from flying and has offered it to me. I can get a new lease on the land from the county, but they so far refuse the allow a release and consent to be filed with it for my bank. Essentially a release and consent gives the bank an interest in the building and allows them to find another buyer if I default. So I am left looking at personal loans and fishing for other possibilities.
Anyone have suggestions, or similar experience?

[GAHorn]

Doesn't your finance agreement with your bank already give the bank recourse to assume your interest in the hangar/lease, should you default?
If so, then why would the county need to issue R/C?

[Jr.CubBuilder]

Yes, however the bank wants the release and consent included as part of the lease agreement with the county. The form that the bank has is a standard form they use with mobile homes and such, the county has agreed to it with some modifications they made which hold the bank liable for the 25 year lease in the event that I disappear, and the county wants to approve whoever the bank finds to assume the loan prior to putting them on a lease.

It doesn't seem like they are to far apart (the bank and county) and I get the feeling this may be the banks way of politely sliding out of a deal they initially said was no problem, so I'm trying to find another solution. Thus far it appears that I may need to find another bank, and lie through my teeth saying that I need a "home improvement" loan. The bummer about that approach (aside from the fact that I don't like being intentionally deceptive) is that the interest rate will go up and the terms will drop from a 15 year note to 6 years, which in turn means no more gas money for flying.

The whole thing is actually getting me down, I'm tired of shoveling money at the county for a crappy tin box that leaks, a nicer hangar is looking more like a cash in hand required kind of deal, and I'm beginning to think maybe just tying the plane down outside in the snow isn't such a bad way to go. Opps I just started whining, my bad

[cessna170bdriver]

If you have sufficient equity to cover the hangar, you might try re-financing your house as opposed to trying for a home improvement loan. That way there's no deception required; you can buy whatever you want with the proceeds. Of course, this was an easier game to play several years ago...

[GAHorn]

Or...get a home-equity loan...or offer the bank a second on your home. (But beware: If your job goes bad... you could lose a lot of options.)

[Jr.CubBuilder]

Thanks for the input guys. I'm trying one last round of negotiations and then I suspect this deal will a go, or I'll just forget that pipe dream and move on with my life.