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Since land is hot topic today
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Mattchu60
Posted 11/9/2012 16:56 (#2688031 - in reply to #2687524)
Subject: RE: Since land is hot topic today


I just did the beginning program this year. Its a lot of work but its a very good rate.

That said - they will still need to approve the loan and you will have to supply them with a ton of information. They will want to see that it cashflows on its own - I dont think that it will from your scenario above since you are counting on the other land to feed it. Also the local bank would want to underwrite and approve the loan (maybe you have already talked with them about this).

Look at it this way - Bank will look at the transaction and take it to a worst-case scenario - if I have to foreclose on this, will I get my money back? If the answer is no, they probably wont do it.

I would talk with your banks and the local FSA office at this point in time to see if they would entertain it. Good luck, hope it works out. Sounds like you have a large amount of land coming in the future (10-20 years), so you may want to consider storing up cash in case you need it for taxes, etc.

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