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Started By
Message
Loan for Land
Posted on 1/31/15 at 1:37 pm
Posted on 1/31/15 at 1:37 pm
Where is the best place to go for a loan on some land? Looking at 7 acres outside of the BR area. I contacted Farm South before on some previous property and they said it was mandatory for 20% down and were limited on types of loans they could give.
Anyways I wouldn't be building on it for the next 2-3 years and currently own a home. I know it gets more complicated when you aren't building on it immediately.
I have enough for 20% down on this piece of property. I just want to hear of any experiences people have had with this before.
Anyways I wouldn't be building on it for the next 2-3 years and currently own a home. I know it gets more complicated when you aren't building on it immediately.
I have enough for 20% down on this piece of property. I just want to hear of any experiences people have had with this before.
This post was edited on 1/31/15 at 1:38 pm
4
Posted on 1/31/15 at 4:24 pm to thatguy777
Contact Louisiana Land Bank: LINK
Posted on 1/31/15 at 4:59 pm to thatguy777
i second louisiana land bank. im pretty sure they dont require 20% down. you even get some money back from them every year and when you pay off your loan.
Posted on 1/31/15 at 5:17 pm to hungryone
Lousiana land bank I s the correct answer.
Posted on 1/31/15 at 8:39 pm to thatguy777
I know some Land Bank guys - all are first class and great to do business with.
Low rate, cash back each year, unreal customer service and a free dinner once a year - they do it right.
Low rate, cash back each year, unreal customer service and a free dinner once a year - they do it right.
This post was edited on 1/31/15 at 8:41 pm
Posted on 2/1/15 at 12:39 am to nelatf
Thanks for the help. I'll call LLB Monday morning.
Posted on 2/1/15 at 8:19 am to nelatf
quote:
free dinner once a year - they do it right.
i forgot about the tailgate and the fish fry they invite you to every year
Posted on 2/1/15 at 11:00 am to thatguy777
Does the acreage reside on a paved or black top road?
Posted on 2/1/15 at 12:15 pm to Bow08tie
The front of the property is on a blacktop
Posted on 2/1/15 at 5:17 pm to thatguy777
That's good
If the property was located on a dirt/gravel road LLB would not make a loan for the property
If the property was located on a dirt/gravel road LLB would not make a loan for the property
Posted on 2/1/15 at 9:16 pm to Bow08tie
Good deal
Posted on 2/3/15 at 2:15 pm to nelatf
quote:
I know some Land Bank guys - all are first class and great to do business with.
Low rate, cash back each year, unreal customer service and a free dinner once a year - they do it right.
I'm not with Louisiana Land Bank but I do work for a Farm Credit in Missouri. The CEO for LLB pretty much trained me from the start.
Posted on 2/3/15 at 4:27 pm to aaronb023
"even get some money back from them every year and when you pay off your loan"
Why is this? Basically like getting a discount when you do autopayment on a loan?
Why is this? Basically like getting a discount when you do autopayment on a loan?
This post was edited on 2/3/15 at 4:29 pm
Posted on 2/4/15 at 7:55 am to Stateguy
LLB is a cooperative. They set a certain goal for net income or ROA and at the end of the year if that level is met, the rest is given back to the share holders based on how much interest income the company received from their loans.
Posted on 2/4/15 at 8:07 am to ConfusedHawgInMO
You can check out local banks and credit unions. I recently used Campus Federal to buy land I plan to build on later. It was a 5 year loan with a 12 year amortization. I think they required 10% down. Neighbors Federal had some options at an even lower down payment.
I was looking to buy acreage near Baton Rouge a couple years ago, and I contacted my old bank in Mamou. They offered by far the lowest rates, so if you have a relationship with a small town bank try that.
I was looking to buy acreage near Baton Rouge a couple years ago, and I contacted my old bank in Mamou. They offered by far the lowest rates, so if you have a relationship with a small town bank try that.
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