[Greenbuilding] Loans for land

[Leslie Moyer]

> ----- Original Message ----- 
> From: "Nick" <n23n at comcast.net>
> I am looking at buying a 4 acre orchard off an old farm in New Mexico and was a bit shocked at the interest rate and small percentage of the value that they will loan at the local banks. Does anyone have any insight and perhaps better ways of borrowing money for land that they can share

Try doing a Google search for "federal land bank"  (here's one link with 
a description: http://www.answers.com/topic/federal-land-bank ) or "Farm 
Credit Bank". They will loan money on vacant land with less down and a 
lower interest rate than most.  I know when we looked into it, they were 
giving the best down-payment terms, though not necessarily the lowest 
interest rate.  They do farm & agricultural loans....even some 
"recreation" land.  I don't know enough about it to tell you whether 
they'll loan for this purpose, but contact one of the branches in your 
area and they can tell you.  You don't have to go with one of the banks 
in your area--even if it is out-of-state, they may be able to help you. 



--Leslie