Re: Are all bankers liars?

Posted by Dave from MN on August 27, 2006 at 10:14:23 from (64.13.56.17):

In Reply to: Are all bankers liars? posted by River Bottom Farmer on August 27, 2006 at 09:54:05:

RBF, are you going through multiple banks for the best deal? When we were lookingwe started with AGSTAR then started hitting all the rural banks. Amazing how quick responses were. Agstar ended up the worst, guy wasnt straight up with us, but thats only one of many so dont judge agstar by that. ended up financing 50% at 4% through An RFA loan and less than 6% cap for the rest for the 1st 10 years and a cap of 7% after that. We could not pass it up, and that was a small rural bank.

Make sure you know what you are getting into with a farm loan if you have a VRM. Make sure if you payment increases due to %, you can still make it. I am done buying land here. I would have to open my oil well and sell my gold reserves to increase my acreage around this area, I'll have to rent. We are looking at buying a couple smaller farms farther away and having caretakers for a reduced rent rate.

Replies:

• Re: Are all bankers liars?/Howdy Dave from MN River Bottom Farmer 12:05:03 08/27/06 (2)
  • Re: Are all bankers liars?/Howdy Dave from MN KRUSS 06:02:01 08/28/06 (1)
    • Re: Are all bankers liars?/Howdy Dave from MN billyiron 07:43:07 08/28/06 (0)

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