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Author Topic: Buying Timberland between 50 to 100 acres  (Read 1343 times)

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Offline dmgage

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Buying Timberland between 50 to 100 acres
« on: October 12, 2012, 11:59:24 AM »
What would be the best lendor in which to buy land?  Would it be a government organization or are there banks that are good?

Offline grweldon

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Re: Buying Timberland between 50 to 100 acres
« Reply #1 on: October 12, 2012, 01:27:38 PM »
First post... Welcome!

Might be helpful if you added some details to your profile, like maybe your location?

I believe each state has a lending institution (or maybe several) that are affiliated with the Federal Land Bank.  I got my loan from the affiliate in Alabama.  Good credit is a must as well as a 10-20% down payment...

Edit... after doing a search, I find that the Federal Land Bank was renamed to the Farm Credit Bank in 1987...
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Offline Magicman

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Re: Buying Timberland between 50 to 100 acres
« Reply #2 on: October 12, 2012, 01:43:27 PM »
Welcome to the Forestry Forum, dmgage.   :)
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Offline dmgage

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Re: Buying Timberland between 50 to 100 acres
« Reply #3 on: October 12, 2012, 02:20:22 PM »
Thank you for the welcome!  I am located in East Texas and have been to a credit union in the past to buy land MOFCU being one of them and they dont seem like they know much about it. 

My plan is to buy the land, and buy a sawmill so that I can cut the trees to build a house. 

Offline beenthere

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Re: Buying Timberland between 50 to 100 acres
« Reply #4 on: October 12, 2012, 03:46:00 PM »
Welcome to the Forum.

For a suggestion to you for "best" lendor, a lot will depend on what you have now, what you want in land area, and what you can afford to pay.

Not sure at all by what you mean by "best".

 Is this a credit union that makes real estate loans?

What is there to know about it, that in your opinion this CU doesn't know? Is it a CU that you already belong to and have some dealings with?
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Offline grweldon

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Re: Buying Timberland between 50 to 100 acres
« Reply #5 on: October 12, 2012, 04:12:01 PM »
Farm Credit Bank of Texas

http://www.farmcreditbank.com/

Don't know if it's the best...
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Offline dmgage

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Re: Buying Timberland between 50 to 100 acres
« Reply #6 on: October 13, 2012, 11:05:39 PM »
thank you for your help!  Have definitely given me a start!  Really hard to determine what "best" would be but there are at least 3 criterias
1) How much money required to put down
2) What will the Interest rate be
3) Will I be eligible?

Offline thechknhwk

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Re: Buying Timberland between 50 to 100 acres
« Reply #7 on: October 14, 2012, 02:10:52 AM »
The only institution around here that will lend on vacant land is greenstone farm credit services.  The interest rates are about 1% above mortgage percentages.  I do not know what their down payment criteria is.  They also take into consideration if you are dependent on the land for income like if you were going to be farming it.  If you're not depending on it for income I recall them viewing that as a plus.

Offline SwampDonkey

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Re: Buying Timberland between 50 to 100 acres
« Reply #8 on: October 14, 2012, 05:45:01 AM »
We had a bank move to town a few years ago and everyone thought it would be great. It was, for little old ladies depositing pension checks. But they didn't want to lend to business. So they shuttered the place within 5 years and now a credit union is there who lends to business. I have been paid for services by cheque from loggers who deal with the credit union.
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Offline Kansas

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Re: Buying Timberland between 50 to 100 acres
« Reply #9 on: October 14, 2012, 06:02:01 AM »
I would start checking out all the banks. For that amount of acreage and it being timber, I am not aware of any government programs. If there is, you should find that information with the USDA. I know they have beginning farmer programs, but it doesn't sound like you would qualify. The attitude of banks will vary with what they are comfortable with. How sound they are. Etc. You might go to 10 or 15 banks before you find what you want.


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