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Started By
Message
bank for investment land
Posted on 5/22/17 at 3:28 pm
Posted on 5/22/17 at 3:28 pm
looking for a bank to finance land for rental investment. The credit unions Ive spoken to will only do it with the intentions of building for a primary residence. My business is not well established, so I may not be eligible for a business loan. I really want to pay cash for the land and do a cashout refinance, but they even seem less interested in that. Any suggestions? Might try a large bank like wells fargo next
Posted on 5/22/17 at 4:55 pm to Rust Cohle
I went through Whitney bank when I purchased 5 acres in 2015. If you have 10 percent down and the appraised value of the land comes back according to purchase price you should be good to go.
Last week I called the same banker I used in 2015 to finance a 92 acre tract and he said that they couldn't finance any raw land > 10 acres.
Now I'm just starting this process with Louisiana land bank. No details yet
Last week I called the same banker I used in 2015 to finance a 92 acre tract and he said that they couldn't finance any raw land > 10 acres.
Now I'm just starting this process with Louisiana land bank. No details yet
Posted on 5/22/17 at 10:49 pm to jimbeam
quote:
First south?
Unless he is a farmer, it won't fly - anyway, there are much better farm credit options out there than First South
South Ag Credit
Louisiana Land Bank
these places make first south look like amateur night
Posted on 5/24/17 at 1:25 pm to BigD13
quote:
Last week I called the same banker I used in 2015 to finance a 92 acre tract and he said that they couldn't finance any raw land > 10 acres.
Now I'm just starting this process with Louisiana land bank. No details yet
looking at similar and what I have found is Southern Ag credit and first south farm credit will offer 30 years fixed at 5-6% and require 20% down, LA land bank 20 years fixed and 20% down
Posted on 5/24/17 at 1:28 pm to KillTheGophers
quote:
Unless he is a farmer, it won't fly
Looks like I am a fixing to be a tree farmer. exploring deductible business expenses associated with that now (tractor, 4 wheeler, travel, fertilizer, etc, etc)
Posted on 5/24/17 at 6:47 pm to Tigerpaw123
Any farm credits will do 30 years -
Posted on 5/24/17 at 7:00 pm to KillTheGophers
quote:
Any farm credits will do 30 years
Not according to the loan officer at LA land bank I talked to, they only go to 20 years
Posted on 5/31/17 at 10:35 am to Tigerpaw123
quote:
Looks like I am a fixing to be a tree farmer.
Tell me more about this? I just signed the purchase agreement on a 92 acre tract and I'm looking for the best finance options with 20% down.
Did you use louisiana land bank, Southern Ag credit or South farm credit?
Posted on 5/31/17 at 7:27 pm to BigD13
quote:
Tell me more about this? I just signed the purchase agreement on a 92 acre tract and I'm looking for the best finance options with 20% down.
Did you use louisiana land bank, Southern Ag credit or South farm credit?
You are a step ahead of me, we are still in negotiations, but first south farm credit seems to be the best fit for me, offering 20% down and 30 years fixed at or just below 6%, plus they give you a little back each year if the company does well (as do the others you listed) I have been talking with Ashley at the Zachary office and she has been very helpful
As far as being a tree farmer , does the land you are buying have timber, have the potential to grow timber? If so you can be a tree farmer and deduct expenses associated with
If not, they still do loans on recreational land
Good luck
Where is your 92 acres?
This post was edited on 5/31/17 at 8:40 pm
Posted on 5/31/17 at 10:31 pm to Tigerpaw123
Yes the land has some timber and a lot of potential to grow timber.... but I may or may not ever sell any timber. Would that matter? I have no problem saying I'm a tree farmer if it makes the process easier.
I may just have to give Ashley a call.
Thanks for the help!!
The land is located in Livingston parish, Hwy 22 in Killian.
I may just have to give Ashley a call.
Thanks for the help!!
The land is located in Livingston parish, Hwy 22 in Killian.
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