Loan for hunting land

[okccj]

Hi, what's my best avenue to get a loan to purchase a hunting/recreational property? I have no experience related to this.
Thanks in advance.

 

[shwacker]

Land loans aren’t cheap. Often owner financing. Some banks do it. Upwards of 40% down and 8-10% interest. 10 year notes


Sent from my iPhone using Tapatalk

 

[Skeeter]

Hi, what's my best avenue to get a loan to purchase a hunting/recreational property? I have no experience related to this.
Thanks in advance.

I went through Compeer Financial. They were better than 2 other financial institutions that I do business with. I see them advertising outside of my state but I have never looked to see what geographic areas they cover.

 

[kyler1945]

Not that you asked for financial advice. But land loans typically require A big down payment and higher rates on shorter terms. And land doesn’t usually sell fast.

that adds up to your “money” not being very liquid. So make sure you have consistent earning potential, even in face of pandemic, or that this is money that you won’t need liquid for 1-2 years(Or more) it takes you to Sell the property. Don’t want to get in a bind.

only Bring it up because A - corona B - election year (and their effects on economy) and that you will tie up a significant chunk of the equity in something that can’t be easily liquidated in a rush.

smaller local banks sometimes do ok on rates. We have a co-op in Louisiana, they handle these types of loans. Might have one in your locale.

About - Louisiana Land Bank

www.louisianalandbank.com

 

[Nutterbuster]

Ditto on the local co-op. I've looked into it some, but I can't justify a lease or payment of any kind when I have access to 90,000 acres across the river for $18 a year.

 

[BOWHUNTER14]

Where are you located? @kyler1945 is right. 20% down is usually the price to pay. Mine was also a 20 yr note

 

[okccj]

Where are you located? @kyler1945 is right. 20% down is usually the price to pay. Mine was also a 20 yr note

I'm in Oklahoma. How'd you get a 20 year note?

 

[okccj]

Not that you asked for financial advice. But land loans typically require A big down payment and higher rates on shorter terms. And land doesn’t usually sell fast.

that adds up to your “money” not being very liquid. So make sure you have consistent earning potential, even in face of pandemic, or that this is money that you won’t need liquid for 1-2 years(Or more) it takes you to Sell the property. Don’t want to get in a bind.

only Bring it up because A - corona B - election year (and their effects on economy) and that you will tie up a significant chunk of the equity in something that can’t be easily liquidated in a rush.

smaller local banks sometimes do ok on rates. We have a co-op in Louisiana, they handle these types of loans. Might have one in your locale.

About - Louisiana Land Bank

www.louisianalandbank.com

Yep, all good on my end. It's not a huge amount of money and we're on very stable financial ground.

 

[cspot]

Local banks are the best bet for land loans. Usually your best bet is to take a home equity line of credit on your own home or take a mortgage on it. The interest rates are usually alot better.

Whatever you are doing get your finances figured out. Nice properties at a good price (especially on the cheaper end) usually go pretty fast. You need to be able to move on it when you do.

 

[BOWHUNTER14]

I went through a company called FCS financial. I think they are only in Missouri though. They processed it really quick though it only took me like a month to get it done

 

[Bigterp]

If you make it known in the area your trying to buy you could possibly come up with some owner financing. I was able to find a great spot & had zero interest for the first 2 years & it had aggressive terms 5yr payoff. But owner held the note & didn’t have to go through any conventional approval. Worked out well

 

[sureshotscott]

I see these guys often have a booth at outdoors shows saying how they can help finance property purchases. This is not an endorsement, just FYI.

Farm Financing

GreenStone Farm Credit Services offers land loans, construction loans, farm financing, leases for real estate, operating and farm equipment. GreenStone also offers numerous financial services to the agricultural industry, including: agricultural loans, agricultural mortgage rates and agriculture...

www.greenstonefcs.com

 

[Fairchild#17]

Contact Dave Ramsey financial an see what he has to say about financing recreational property.

 

[Aaronpaul14]

Contact Dave Ramsey financial an see what he has to say about financing recreational property.

I doubt Dave Ramsey ever had his blood flowing and heart pound by the sound of.... squirrels.... I mean deer!

I think the entire site should be on his black list of approved spending!

 

[Blinginpse]

Buddy bought 122acres and a house to add to his 475 acres 3 years ago. From local small bank 500k. He had 174k down payment. Still 2200$ a month payment. Public land sounds cheaper dont it. If your buying sub a square mile to plant food plots and "manage " save ya money time and headache amd hunt public or knock on doors. Property taxes aint worth it either

Sent from my SM-G970U using Tapatalk

 

[Skeeter]

Buddy bought 122acres and a house to add to his 475 acres 3 years ago. From local small bank 500k. He had 174k down payment. Still 2200$ a month payment. Public land sounds cheaper dont it. If your buying sub a square mile to plant food plots and "manage " save ya money time and headache amd hunt public or knock on doors. Property taxes aint worth it either

Sent from my SM-G970U using Tapatalk

I respectfully disagree. I love my 40 acres and will die before I give it up. They still let me hunt the public land too.

 

[Blinginpse]

I respectfully disagree. I love my 40 acres and will die before I give it up. They still let me hunt the public land too.

I probably should been more clear, I was more emphasizing on the manage part toward buying land for deer.

Sent from my SM-G970U using Tapatalk

 

[EricS]

This seems to be a local or regional preference. Around me about the best loan for land is through the department of agriculture. Second best is buying land that has a house so you can do a standard mortgage.

@Blinginpse I agree on the management end as far as growing big bucks. From a hunting standpoint it would be nice to be able to plant mast trees and actually hope to still be around to reap the benefits.

On the other extreme For a 2000 monthly land payment I could lease 1000 acres for six of those payments and put the other six in the bank or change careers and take a month off for deer season every year.

 

[okccj]

Contact Dave Ramsey financial an see what he has to say about financing recreational property.

I don't have much interest in what a Charlatan has to say on any topic.

 

[okccj]

This seems to be a local or regional preference. Around me about the best loan for land is through the department of agriculture. Second best is buying land that has a house so you can do a standard mortgage.

@Blinginpse I agree on the management end as far as growing big bucks. From a hunting standpoint it would be nice to be able to plant mast trees and actually hope to still be around to reap the benefits.

On the other extreme For a 2000 monthly land payment I could lease 1000 acres for six of those payments and put the other six in the bank or change careers and take a month off for deer season every year.

A $2000/month payment for, in my case, a hunting only property, just doesn't make sense. For that kind of money you could go on an annual elk/moose hunt and still secure a very nice lease for less money.