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Hunting land financing

MandRroofing

Junior Member
262
58
In the woods
Hey everyone,i want purchase ground in Kentucky and needing financing to do so.does anyone have experience with this.my bank wants 50% down.i just caint do that...any experience here on this? Thanks!
 

bowhunter1023

Owner/Operator
Staff member
48,879
274
Appalachia
Sounds like you need a new bank. Especially if you've been a long standing, loyal customer. My dad pulled all his money over a situation just like this. 50% is insane...
 

MK111

"Happy Hunting Grounds in the Sky"
Supporting Member
6,551
66
SW Ohio
A 2nd mortgage on your residence is the easiest way if no other course. I ran into the same problem when I bought my farm back in 1991. The build craze was going on and the banks were afraid of land purchases.
 

hickslawns

Dignitary Member
Supporting Member
39,720
248
Ohio
Standard is 30% for straight land.

They wanted 25% for the last two rental properties we bought. No exceptions. The appraisal didn't affect it. If appraised at $100k, and bought for $50k. . . they still want $12.5k down plus closing costs. It is more about redtape and regulation than bank policy. Govt got their hands in it. Unsure on land but if they want 25% on properties bringing in enough revenue to more than pay for themselves, I really wouldn't be surprised at 50% on straight land.
 

at1010

*Supporting Member*
4,943
139
We bought our farm with a home on it. It has running water, gas, etc. it was 30% down.