| ▲ | lotsofpulp 3 days ago | |
This is news to me. Are you saying you can borrow money with the stated intention to speculate on future sale price, from the government no less? I have no experience with farmland, but for other purposes such as building hotels/retail/etc, you can't just get a loan for the land, you buy the land with cash and then get a construction loan to start development. I assumed you would have to at least need to have a plan to operate a farm to get a loan. | ||
| ▲ | toomuchtodo 3 days ago | parent [-] | |
One example: https://www.fsa.usda.gov/resources/farm-loan-programs/farm-o... 100% financing government backed: > Farm Ownership Loans offer up to 100 percent financing and are a valuable resource to help farmers and ranchers purchase or enlarge family farms, improve and expand current operations, increase agricultural productivity, and assist with land tenure to save farmland for future generations. With a maximum loan amount of $600,000 ($300,150 for Beginning Farmer Down Payment), all FSA Direct Farm Ownership Loans are financed and serviced by the Agency through local Farm Loan Officers and Farm Loan Managers. The funding comes from Congressional appropriations as part of the USDA budget. As long as your intent was in good faith at time of origination, you’ve met the burden. | ||