Re: Real estate loans, Banks vs Farm credit servic

Posted by Michael on December 02, 2003 at 17:02:02 from (207.46.228.14):

In Reply to: Real estate loans, Banks vs Farm credit services posted by Larry NE IL on December 02, 2003 at 11:39:34:

I used FCSA to finance my 280 acre farm and had good luck. They were the only one willing to go 25 years fixed--most of the local banks will only go 5-7 balloon. Who wants to re-fi every 5 years?

I wanted a low rate while rates were low. As it is, I got a 6.95% which again, was lower than the 7.5% fixed that most of the local banks wanted to charge. Most local banks wanted 7.5% variable.

Most of the local banks also gave me a much harder time about cash-flow. My farm is a hobby farm and let's face it, 280 acres with 135 tillable isn't going to cash-flow very well, now is it?

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