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| Will try to be brief and honest. Own some ground that my ex and I bought years ago, cash. She was not my ex at the time. I need to buy out her interests in the property. I have other funds and will need a loan at approx 40% of FMV. This will be a 5 figure loan.
Have decent credit, never late pays, bankruptcy, etc, just that I use some revolving lines and FICO doesn't like that. Have 6 figures in the bank. Issue is I am trying to build a building on the place right now and really just need to get her off of the title. I have concerns of over extending myself without a loan.
Talked to American Ag credit and he thinks it should not be much of an issue and their app asks for practically nothing. I highly suspect I will not fly like a bird because I have not worked in a year due to several factors such as my kid needing help, fixing a house to sell, and now building an ag building and farm. I AM working, just no much income.
I have another business that I have owned for 15+yrs and this farm will propel that one exponentially. In short, I need to get over this financial hump!
American Ag says probably 4-4.8% APR if they can get it done, but FSA loans are MUCH cheaper. I am curious what you guys might think? As I have mentioned to creditors, I own a LOT of business and farm equipment assets, vehicles, all clear. AND I am only asking for 40% of FMV, and that will increase a LOT in only a few months as we have already broken ground on the new building. One would think this would be a 'sweet' deal for a creditor as I would be an idiot to roll over on the loan.
Edited by fastline1 7/1/2020 15:01
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Farm loan options? Even consider FSA at all?
