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Non-Cattle Specific Topics
Every Thing Else Board
Financing Land
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<blockquote data-quote="ETF" data-source="post: 506062" data-attributes="member: 5944"><p>Along the lines of the thread about land prices, has anyone found a cheap way to finance land? I'm currently using Farm Credit. They needed 20% down and I'm paying 8.125% on a 20 year note. I talked to a number of banks and they will not provide long-term financing for more than 20 acres. The best they will do is 40% down, and an adjustable rate for 5 years on anything larger than that. Then you've got a ballon payment or get to refinance - no thanks!! Mortgage brokers don't want to touch anything over 10 acres</p><p></p><p>So, does anyone have a better financing option? I'd love to get some of that 5.625% money you see advertised for home mortgages.</p></blockquote><p></p>
[QUOTE="ETF, post: 506062, member: 5944"] Along the lines of the thread about land prices, has anyone found a cheap way to finance land? I'm currently using Farm Credit. They needed 20% down and I'm paying 8.125% on a 20 year note. I talked to a number of banks and they will not provide long-term financing for more than 20 acres. The best they will do is 40% down, and an adjustable rate for 5 years on anything larger than that. Then you've got a ballon payment or get to refinance - no thanks!! Mortgage brokers don't want to touch anything over 10 acres So, does anyone have a better financing option? I'd love to get some of that 5.625% money you see advertised for home mortgages. [/QUOTE]
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