Best place to get a Land Loan?

Which bank did you get your quote from?

I got my land loan through E federal credit union. It's a 12 yr @ 6%. The lot is in a brand new neighborhood.

Try Louisiana Land Bank..

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I got my land loan through E federal credit union. It's a 12 yr @ 6%. The lot is in a brand new neighborhood.

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Thanks, I called them this morning. So far this seems to be the best route.

How long is the E federal Credit Union rate fixed for and what is the rate....How much property are you buying?

Yeah i bought 7 acres of undeveloped land and had trouble getting a decent loan term also. I ended going with bank one. At the time they had a 15yr note @ 7.5% that refinanced every 3yrs. Well chase took over and when the three years was up I got a letter telling me that chase no longer refinances land loans and I had to pay the balance. Pissed me off at the time but now it is paid for. I could have refinanced with another bank but didn't want to go through the hassle of another appraisal etc.

Oh, the majority of our loans are 10 acres or more but we do some loans under that with certain restrictions. Our area is mainly timber property.

Is that ballooned....Most of the time we see commercial banks balloon after 3 years. We don't deal with balloons but if you plan on building on it within 3 years, the balloon doesn't matter. What I have been seeing a lot now is commercial banks are adjusting the rates on a yearly basis which hardly no one likes. Good luck with the process and if you buy some hunting land or larger acreage in the future, please give me a call. We will set you up with the right CPA to benefit the farm operation you buy, whether it is timber, hay, etc. Tons of right-offs on farmland. Most people now are putting money into land because of a better return due to the stock market not to mention the tax benefits.