Posted by doug in illinois on October 13, 2009 at 20:42:55 from (74.206.45.133):
I need some ideas. My local bank not interested in using out my of state (Nebraska) farm land as security. Same issue with both postal credit unions I belong to, APCU in Atlanta, Eagle Legacy in Denver.
We are about 8 years in to a 10 year balloon on my 5 acres where I live here in IL. The deed holder is dying of cancer also, I want the deed done before he dies.
My 80 in NE is owned free and clear. So far I have contacted Janus Mortgage, Denver, CO. I can POSSIBLY do a cash out on the 80, but it would be around $114K max by their loan to value standards.
Whole story: We still owe +/- 45k on the 5 acres. 1987 singlewide trailer is junk, unable to insure because of age and condition, meaning water and hail damage.
We can purchase a BRAND NEW 28x56 delivered and set up for 59,995. In other words 60K.
45K + 60K = 105K. Need to pour piers for it, best guess from a dealer I talked to yesterday said 16x80 piers run 750. That is 2 rows, 5 rows would be 750+750+375= 1875. Same pier math works for a 32x80.
32x80, 2002 Southern can be bought for 42,500 + 5K labor and hauling IN WRITING delivered and set up.
That is the end of my necessary housing needs. Our other need is storage: hay, equipment, and all the odds and ends everybody has. 1.4 acres with 42x81 and 32x45 genuine Morton buildings are for sale less than 2 miles away for $48,500 with a house, single car garage and small storage shed. It is in foreclosure, and we think 35-40K would actually buy it. We would turn the house in to a rental, we just need the Mortons. NO, the wife has allergies that won't allow living in that house, that is one of the reasons we are buying nearly new.
Anyhow, ANY LENDER IDEAS for 80 acres in NE coupled with 2 IL properties for around 150K total? I don't want to tap my TSP (Thrift Savings Plan) for a down payment if possible. DOUG
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