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NWIL | I did it on my first patch three years ago. I’m dealing with five figure ground here, but I’m guessing you are talking more acres there so the loan amount will end up being the same. Anyways, the 1.5% interest on their portion made a big deal for me. The other half I went through Farn Credit.
Some guys complain about the paperwork and the yearly farm business meeting. Overall to me it’s no big deal, as long as you are already doing the business stuff you should be doing the numbers are already there, it’s just a matter of a two hour yearly meeting to discuss things. As much as I hate to give FSA credit, and maybe it’s because my county guy is great and well regarded, their system certainly works. The process has helped me in learning how lender discussions work, and little things like presenting your plans and results can be best done.
As for the other questions, I could write more, but I suggest scheduling a meeting with Your county guy and going that route. | |
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Buying first piece of ground: How to go about it?
