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Has anyone here financed raw land with low interest?
Posted on 7/24/22 at 7:38 pm
Posted on 7/24/22 at 7:38 pm
Current rates on raw land are 6% or higher from what I've been told by my bank. I have 400 acres I want to buy but will get killed in interest payments at that rate.
Aside from paying cash for the property, are there cheaper ways to buy a property this size outside of a conventional land loan?
I realize rates have gone up across the board and we are headed into a downturn which could help me negotiate a lower price per acre, but I'd lose any gains paying back the bank on a purchase this size.
Does anyone on the board know of any creative ways to borrow for raw land without losing your shirt?
Aside from paying cash for the property, are there cheaper ways to buy a property this size outside of a conventional land loan?
I realize rates have gone up across the board and we are headed into a downturn which could help me negotiate a lower price per acre, but I'd lose any gains paying back the bank on a purchase this size.
Does anyone on the board know of any creative ways to borrow for raw land without losing your shirt?
7
Posted on 7/24/22 at 7:59 pm to BillWilliamson
I am a commercial banker. Where are you located and where is the property located?
Posted on 7/24/22 at 8:00 pm to BillWilliamson
What do you mean by raw land? I’m not in ag so there maybe some options for legit farmers I don’t know about, but yeah interest rates are way up so I think your options are limited.
You may look into something like a Heloc? But I wouldn’t recommend that.
You may look into something like a Heloc? But I wouldn’t recommend that.
Posted on 7/24/22 at 8:01 pm to BillWilliamson
I doubt you can even get 6% on raw land right now but if you can you better jump on it. That’s as good as it is gonna get.
Posted on 7/24/22 at 10:49 pm to BillWilliamson
Row crop?
Timber?
Recreational land?
What state?
Timber?
Recreational land?
What state?
Posted on 7/25/22 at 7:48 am to BillWilliamson
quote:
I realize rates have gone up across the board
quote:
but I'd lose any gains paying back the bank on a purchase this size.
this being typed out is very cringe. like you know but then you don't know.
Posted on 7/26/22 at 7:17 am to BillWilliamson
6 % ain’t that bad, and right now would be hard to get for 30 years, we have been spoiled with super low interest rates and I feel it will get much worse before it gets any better
Check out land banks , most offer a patronage refund annually, while it is not guaranteed it works out pretty nice, for the last 6 years mine has made an effective decrease in interest by about a point and a half
Check out land banks , most offer a patronage refund annually, while it is not guaranteed it works out pretty nice, for the last 6 years mine has made an effective decrease in interest by about a point and a half
Posted on 7/26/22 at 9:00 am to BillWilliamson
Go to a community bank for land loans
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