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Started By
Message
re: Financing for raw land
Posted on 5/8/23 at 8:54 am to BillWilliamson
Posted on 5/8/23 at 8:54 am to BillWilliamson
quote:
raw land planted in loblolly pines.
quote:
At $3500/acre
And you said it is in a rural community? Geez. Sounds like you are paying recreational land prices not timber investor prices. Have you had a forester look at the land to see what you would have in timber? How far is it away from mills?
1. As mentioned before, call your local Land Bank, First south farm credit or Southern Ag and see what they have going. They will provide you with various financing possibilities. I know Louisiana Land Bank has been providing a patronage check back of at least 1% of your outstanding loan balance every year.
2. Someone mentioned an LLC getting a better rate, I have never seen that. If you did buy it in an LLC, they would base the loan on your credit and you would have to sign a personal guaranty as well. However, there MAY be some added tax planning opportunities available by putting it into an entity. Ask your cpa.
Remember, if you are buying this from a large company like Weyerhaeuser, they are selling the land for a reason, i.e. they think they can get more money than it is worth.
This post was edited on 5/8/23 at 9:02 am
0
Posted on 5/8/23 at 8:58 am to BillWilliamson
First South Farm Credit
Ask for Jeremy Clostio
Just finished a raw land deal, 20% down, 8.2% interest, 15 years, plus patronage refund yearly which would effectively lower your interest rate about 1%.
Ask for Jeremy Clostio
Just finished a raw land deal, 20% down, 8.2% interest, 15 years, plus patronage refund yearly which would effectively lower your interest rate about 1%.
Posted on 5/8/23 at 7:25 pm to ThatsAFactJack
I financed through First South last April. I just got my first dividend check last month.
I had to put 20% down, financed for 12 years at 4.78%. My price per acre was so cheap, they didn’t even want an appraisal.
I had to put 20% down, financed for 12 years at 4.78%. My price per acre was so cheap, they didn’t even want an appraisal.
Posted on 5/9/23 at 8:58 am to Shabath227
quote:
had to put 20% down, financed for 12 years at 4.78%
I am jealous like a MoFo for 4.78%, but interest rates have gone to shite since then. I'll be refinancing once rates go down to 6 or below.
Posted on 5/21/23 at 8:17 am to deltafarmer
Would you mind sending me the contact information for your people at Prudential? I've made a few attempts to get in touch with someone with no response from anyone.
Posted on 5/21/23 at 8:33 am to ThatsAFactJack
Jack,
Rates started to increase the day after I locked in. Talk about good timing and the Lords blessings.
I worked with Eric Clark out of Jackson. He told me that I would probably never see rates like that again.
I refied my house about a year earlier at 2.375 for 15 years.
Needless to say, I’m not anything with either of those rates until paid off.
Rates started to increase the day after I locked in. Talk about good timing and the Lords blessings.
I worked with Eric Clark out of Jackson. He told me that I would probably never see rates like that again.
I refied my house about a year earlier at 2.375 for 15 years.
Needless to say, I’m not anything with either of those rates until paid off.
Posted on 5/21/23 at 11:24 am to BillWilliamson
Shane.Hutchinson@pgim.com
(870) 217-6365
He is in Jonesboro, Arkansas. I’m in north Louisiana.
(870) 217-6365
He is in Jonesboro, Arkansas. I’m in north Louisiana.
Posted on 5/21/23 at 2:14 pm to deltafarmer
Sugar Shane! He used to be with Rabo Bank.
Posted on 5/21/23 at 2:27 pm to Nome tiger
Yes he did. Very nice guy
Posted on 5/22/23 at 4:27 pm to BillWilliamson
Did I miss where you were buying? $3500 is pretty cheap unless it is a cutover.
Posted on 5/22/23 at 7:14 pm to Insurancerebel
Baldwin county, AL.
It's all planted pines. I'm going to try to get a better deal by asking for another 100 acres nearby and hopefully they will come down on their price a little.
It's all planted pines. I'm going to try to get a better deal by asking for another 100 acres nearby and hopefully they will come down on their price a little.
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