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USA | Depends.
Can you make things work with $4 corn price with your current income stream, plus the new purchase?
How much fat can you trim from the 300 acres you currently farm to help with the new purchase, 300 acres x $30 = $9000.
From the post you made the other day about int cot @ 6.25%. You should be able to do better than that. I would talk to the folks @ FSA. If you have farmed less than 10 years, they will guarantee 95% of the loan, FSA will take a second and loan up to $225,000 for 20 years @ 1.5%.
IMO if can cash flow the purchase with $4 corn @ 6.25% int would go for it, but would shop around, like I mentioned before. | |
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