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Buying a farm in Canada
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<blockquote data-quote="Aaron" data-source="post: 821643" data-attributes="member: 1682"><p>I've never dealt with FCC but I know some that have. From what I understand, they will pretty much bend over backwards to give you a loan as agriculture is their focus. I wouldn't include livestock in the loan as prices could crash and your left with a severely depreciated asset that your paying prime interest on. Keep in mind that if the house is old, you don't want it to be overvalued as it will, at best, hold it's value. Pay a fair price for the land and negotiate the house price to be competitive if you have too.</p><p></p><p>If you need a loan to buy feeder cattle, I would advise you look into Ontario's Feeder Finance Program as it is about as good a deal as you can get loan-wise. Membership $25, 5% down of total loan, interest Prime -1/4% and a year to pay back. :cowboy:</p></blockquote><p></p>
[QUOTE="Aaron, post: 821643, member: 1682"] I've never dealt with FCC but I know some that have. From what I understand, they will pretty much bend over backwards to give you a loan as agriculture is their focus. I wouldn't include livestock in the loan as prices could crash and your left with a severely depreciated asset that your paying prime interest on. Keep in mind that if the house is old, you don't want it to be overvalued as it will, at best, hold it's value. Pay a fair price for the land and negotiate the house price to be competitive if you have too. If you need a loan to buy feeder cattle, I would advise you look into Ontario's Feeder Finance Program as it is about as good a deal as you can get loan-wise. Membership $25, 5% down of total loan, interest Prime -1/4% and a year to pay back. :cowboy: [/QUOTE]
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