So, I own farm land and had a few questions regarding it. I was wondering if I could get a loan towards it?
I am trying to purchase a home elsewhere and don't want to use my own money is there a way I can use the equity toward the farmland that I paid off years ago? If so how could I go about it any feedback that helps would be nice. Thanks!
[{"id": "gm5vkxj", "text": "How much is the land worth? Is it currently being used for farming/ranching/economic activity?", "replies": [{"id": "gm5wons", "text": "It is worth around 25k roughly, and there is nothing going on it is just a empty lot.", "replies": [], "depth": 2}, {"id": "gm5wxii", "text": "Not really sure how to get the value of the property as I am still learning, I'm looking around the area to estimate the value.", "replies": [{"id": "gm5xm32", "text": "It's hard with 0 economic activity. Would look around for comps, but either way you can't really loan out full value on land. I bet at most they would loan 40-60% of value.", "replies": [{"id": "gm5y98f", "text": "Okay, Thank You!", "replies": [{"id": "gm5yfod", "text": "Land is hard to sell, so if your a bank you want to make it a slam dunk if you default, if that makes sense.", "replies": [{"id": "gm5znex", "text": "Yeah that makes perfect sense", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]