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bare land lender

I found a bank with 25% down. Little did I know it is a bank that I hade recently used to buy a couple residential building lots for my inventory. I just didn't realize they did agg loans also until we were talking over a few beers. Farm credit services want more down but there rates are pretty hard to beat.
 
Hardwood11 said:
Try Ray @ Luana Savings Bank, he has been flexible, not sure of their percent down...but rates are under 5%.

Google for their number...tell him a guy from MN sent you (I'm working on a loan with him today)
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Rates under 5 on a fixed 20 yr is pretty good. If its a fixed 20 yr
 
Decided to go ahead and get my pre approval done if I find a piece I like. Got a pretty good rate from Walcott bank and trust. 4.8 on a 20 yr fixed and 75% loan to value.

They beat farm credit services by a little on interest rate and 25% down vs 30% down.

Now I just need to find a piece that has the next state record on it and buy it. :)
 
spltbrow said:
Decided to go ahead and get my pre approval done if I find a piece I like. Got a pretty good rate from Walcott bank and trust. 4.8 on a 20 yr fixed and 75% loan to value.

They beat farm credit services by a little on interest rate and 25% down vs 30% down.

Now I just need to find a piece that has the next state record on it and buy it. :)
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Sorry farm credit is 35% down not 30%
 
spltbrow said:
Now I just need to find a piece that has the next state record on it and buy it. :)
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I have 2 pieces I'll sell you, multiple state records on both. Probably 10 deer over 250", no problem. $10k an acre is all i'm asking!
Good luck, hope you all get your dream-piece and % rates are at all time lows AGAIN.
 
Hardwood11 said:
If you are in the Des Moines, area check with Luana Savings Bank, they finance land and have a very competitive rate.
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I've heard good things about Luana Savings Bank. Were you implying that it's close to Des Moine? Luana is in extreme NE Iowa.
 
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I just closed on a balloon loan at Two Rivers Bank in Mt. Pleasant
Terms were 25% down, 7 year ammortized for 20.
 
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According to my view, The purchasers for bare land needs to have between 30 to 40% deposit. Some people want to purchase bare land because it is relatively cheap to buy in to, However unless the land is leased out or generates an income we will have to service any loan on the land from our own money.
 
Luana in Polk City handle the financing for the last farm listing that I had. They did a great job. If you have the down payment Farm Credit Services of America is also top quality lender.
<O:p</O:p
I am currently negotiating a purchase for myself and have agreed to a higher per acre sale price if the seller agreed to a no interest loan for 5yrs. I think this strategy is going to make the deal work. Think outside the box.<O:p></O:p>
 
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ironwood said:
Luana in Polk City handle the financing for the last farm listing that I had. They did a great job. If you have the down payment Farm Credit Services of America is also top quality lender.
<O:p</O:p
I am currently negotiating a purchase for myself and have agreed to a higher per acre sale price if the seller agreed to a no interest loan for 5yrs. I think this strategy is going to make the deal work. Think outside the box.<O:p></O:p>
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Mike,

Can you explain a little more why this would be an advantage to you?
 
ironwood said:
Luana in Polk City handle the financing for the last farm listing that I had. They did a great job. If you have the down payment Farm Credit Services of America is also top quality lender.
<O:p</O:p
I am currently negotiating a purchase for myself and have agreed to a higher per acre sale price if the seller agreed to a no interest loan for 5yrs. I think this strategy is going to make the deal work. Think outside the box.<O:p></O:p>
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I use Luana... Very good rates, easy terms
 
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