Land loan

[SM69]

Definitely get them to competing for your business. My most recent quotes from CFC and TF (2 weeks ago) were for a 30 year term, both at 4.3% (with patronage down to near 3% annually). CFC required 15% down and TF 20%.


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[thegreatgooz]

I used Codie at Graham Savings and Loan in December 2020. 20% down since it was recreational land, would have been 15% on ag land, and was 3.5% for 20 years fixed. Was a super easy process, only slow part was the appraisal took a while because appraisers in some areas are backed way up.


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[HAWG DAWG]

Local bank here for me. Just closed on 13 acres in December. Raw land, 20% down, 15 years @ 4%. Could've went 20 years but we're building soon and going to roll it all in to 30 years with he house.

[Sticks&Strings]

Good thread. I hope to buy as soon as I find a place.

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[j.trevor123]

I can make you a referral

Jason.Jones@LoneStarAgCredit.com

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Thanks, if i end up going this direction i will check jason out.

[Trophy7]

Tagged

[Etxbuckman]

Anyone have his contact info?

Here ya’ go. Codies a good dude.

(940)549-2066

[gingib]

WOW. Crazy to see rates this low on raw land/hunting ranches.

[Throwin Darts]

I just refinanced last week with Capital Farm Credit. I refinanced because I was worried about interest rates getting sky high over the next year.

Excellent credit. 5% fixed for 15 years. Get dividends every year that cover most of the interest expense.

I think CFC and Farm Credit offer fixed rate for specified terms, but that doesn't mean it will be paid off in that length. It just means they can and most likely will refinance at the end of the term.

You'll most likely receive a 1% or so patronage check. Definitely don't expect a dividend that will cover most of the interest expense.

[Throwin Darts]

Lone star ag credit
15% down
30 yr ammo
4%
Get 1% patronage back starting year 1 for effective rate of 3%

I just closed this deal in Nov on 500 acre hf place with a lodge in Throckmorton co.

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Don't forget that your patronage is taxable so your effective rate is north of 3%. Handy to remember that if you ever consider a refinance to a lender that doesn't have the patronage program so that you can compare apples to apples.

[JBJTX81]

Don't forget that your patronage is taxable so your effective rate is north of 3%. Handy to remember that if you ever consider a refinance to a lender that doesn't have the patronage program so that you can compare apples to apples.

With the losses this place will incur I won't be paying taxes on patronage for many many years! Money pit! [emoji3061]

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[JBJTX81]

Don't forget that your patronage is taxable so your effective rate is north of 3%. Handy to remember that if you ever consider a refinance to a lender that doesn't have the patronage program so that you can compare apples to apples.

I actually think the patronage is good because it shows an additional revenue stream and makes the business look a bit more legit in the event of future audit.

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[Box-R]

Just refinanced with Capital Farm Credit at 4-1/8%. House on property. 15 year, with 10 fixed. Was at 5-1/4 with Lone Star and they wouldn't match.

[bcdawg1]

Just closed with Capital Farm Credit, was 5.25% before patronage discount so will end up around 4.25% or so. 15% down 30 yr note. Very easy.

[RascalArms]

We used a local bank when we bought our property 2.5 years ago. Financed with 20% down, 10 years @ 4%. We are building our house now so just rolled the land in with the construction loan. We went with a 15yr note @ 2.375%. Almost seems greedy that we feel we could have shopped around a little and gotten an even better rate.