I don't think lending guidelines directly address this scenario.. It's possible that if the appraiser notates that there is a "commercial storage tank" on a residential property and that it poses a safety and health concern, then more than likely the lender will not lend on that property.. Also, if the presence of that commercial storage tank is on residential property and it violates local building codes, it again will not pass an appraisal. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
There may be something in the guidelines for certain mortgage programs that address this issue, but there could easily be additional state laws as well. 1000 gallons is pretty big...
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