no welfare payments on this farm!!!!!!!! | i dont think i would go by the percentage of down payment rule as it depends on what the value of the farm is and how much risk each bank is willing to assume. you can barrow 99% from a loan shark in vegas at a very high interest rate. remember there are some things the banker does not want to do. and remember there are things he does want to do. the banker makes money making loans which are paid off so he wants to loan you the money and wants your plan to work, but that does not mean he will loan you money nor does it mean your idea will work. one thing your banker does not want to do is put you into a situation that may put you on the streets, like lets say take your cattle from you cause your not able to pay for the loan. the worst job a banker would have to to have a loan fail and force a family change, what if you have a 5 year old kid and 2 of them cows are your kids pets. there is fear after fear that goes threw bankers minds when loaning money, some think its just numbers and decisions but its more, and they truely want your plans to work and you to be successful but will they risk not only the money they have but also the chance that the consequences of your loan not being paid back could change your life and your familys life. so many dont think about this stuff and when the banker says no it doesnt mean he doesnt want to see you succeed.
the next important advice is are you sure you want to barrow money when the banker is loaning money. i walk when others run, the only time i dive into cattle is when the bankers are scared, same goes for land. when the banker says no is when i say yes for alot of reasons. also remember just because you want to buy a farm doesnt mean you have to buy a farm right now. good luck and hope it works out |
first time land buyer advisement
