Well.... we done it....

[Klause]

Darcy and I applied for a mortgage... first quarter of land together, and the first I've bought from a non-family member.

Sure hope it goes through... doing it at FCC.

$500,000 worth, $50,000 debt, $40,000/yr income, asking for $75,000 against a 105,000 quarter.

[Braveheart]

Best of luck Klause. You shouldn't have a problem with those numbers.

[parsley]

That is so exciting. Hope your venture will be rewarding for both of you. Skoal!

[ProFarmer]

FCC is one of the best lending avenues out there. Not that they are easy to get money from but have a real capassion for the rural life. When BSE hit us hard they were the first ones to phone and give us a hand. The local Credit Union declared us a bad risk and upped our line of credit interest rate the same day they had a hotdog day raising money for the beef farmer, What a joke. FCC is good to work with if you let them know what you want up front.When we were flooded this spring they (FCC) phoned and let us know what was available even thou we were going to be OK

[freewheat]

Excellent Klause!

Best of luck. We'll have to meet up some day. Our women and their horses.lol

I personally have had the best luck with my credit union for loans, and fcc nearly finished my farming career by refusing to lend me money for land, whereas the credit union did it in hours. i believe more in the person behind the desk, not the company. Regardless, Klause, best of luck.

[cottonpicken]

You actually think you wont get it?

You need to understand lending practises better
and the criteria and balance sheet ratios the
institutions use.

When i was about 17 i went into the local credit
union to get a secured loan on a deferred grain
check.Being young and dumb i went through a 20
minute berage of questions,when i met my mom
and told her she hit the deck.-lesson learned

I could have told them i was buying drugs or
parrots from brazil-just give me the ****ing
money,clown-is what i should have said.

[SASKFARMER3]

From my years with AG Canada Id say you will have no problem getting the loan. Its fun to start out building a farm. Dad gave me one clear quarter when I was 17 and said make it or loose it cause that's all your getting till I'm gone.
Their have been joyous times and then their have been just about lost the whole damn thing. Land is always and will always have value. House in the city might have value today but a drug dealer moves in or school closes or hell a fire and guess what you have left the property, Land.
Good investment. Id buy more but finally the rest in our area have figured it out and now no one is buying.

[mbratrud]

Shop for rates you should be able to lock in a 5year rate at 4 - 4.5% and 10 years are even worth looking at now.

[BTOfarmallll]

Coulda, Woulda, Shoulda, wenta RBC. Woulda walked out with $100,000 Cash in Hand, No Questions Asked!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Klause]

Got a call this morning...

"Your numbers look very good".

"Your previous business record is excellent" (based on this farm in MB, and my IT business that started 5 years ago)"

"Your credit rating is good"

"You've been conditionally approved, pending assessment of the land".

Which, I'd hope, won't be a problem...


freewheat, looks like you may be getting a (relative) neighbour


Speaking of which, how did the square baling work out? We never did touch base on that again.

I'm off to combine peas.

[FarmRanger]

Congrats, 105 K with the crops that you've shown
us pictures of; I'm sure you won't be sorry.
Land here costs way more, and I wouldn't want
to say we produce bigger crops.

[BTOfarmallll]

Claas yer moving to Sascratch&win???????????