Cattle loan question?

[True Grit Farms]

Darn good rate.

yea i was pretty surprised. I guess they messed up and it was supposed to be 5.0% but quoted us wrong.. the board talked about it and agreed to give us that quoted rate.

I always bank with local banks as my finances are very different from most peoples. A larger bank.. ie BofA wouldn't give me a dime because the computer can't tell them to.. lol

That's about right. You got a super deal.

Our local bank has high rates 6% and up, but their sure easy to work with.

 

[coalburner]

Wow!!!! I work a few nightshifts and miss checking on CT and I was totally blown away on the responses on my question!!! Thanks to each and every one of you for your input!!! I found a bank that would work with me, now I have to find the right deal. If not, I will keep 20 or so heifers and grow them out. Thanks again for the knowledge!!

 

[Rancherruss]

Hello all!
I have a few questions for you, with today's prices what are your thoughts on borrowing money to buy cattle? I currently run 120 head cow/calf operation (no debt) but I might have an upcoming opportunity to pick up another pasture. So what would be an acceptable price to pay for a 3-5 year old cow that's heavy bred? What kind of interest rate on a yearly note? What bank in east Texas or north Louisiana would be good to try and borrow from? I would like to pay this off in 3 years, is that the norm? Just wanted some input, thanks in advance!

Just my two cents... I started on my own 7 years ago. Went from 45 cows I had raised and ran on my families ground. To calving 300 this April. I have borrowed and bought 1st calvers, middle age, and short term cows. The only ones that have ever made any sense on my profit and loss are the ones i raised. It takes a while to get it going but in a few years you can have some darn good cows that will pay for themselves and maybe make a profit.