This is interesting. I obtained a grain bin loan from the FSA last spring. My credit is good and I could have gone to the bank for the money with no problem. I do realize a grain bin is not the same as land, but it's still the FSA and the money is being borrowed.
Anyway, the paperwork was a little mind boggling but I slogged through it and got a 85% loan at 4.65 percent interest for seven years. There are no leins.
Why should a grain bin loan be easier than a land loan of approximately the same size? If I walk away from the bin and they have to reposess it, they will be stuck with devalued property that would have to be moved away to somewhere else. Historically land increases in value so logic tells me the lender wouldn't have near the loss on a reposession of land as they would a tin bin. Jim
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Today's Featured Article - Box Plow Blues - by Tom Schwarz. One of the first implements most tractor owners obtain is the box plow. For very little money, this piece of equipment promises to plow and flatten any hill or vale on your ranch road or farm. At least that's what I thought! As simple as a box plow appears, it can be rather challenging to make work correctly. In our sandy soils of Florida, traction is king. You can never have wide enough tires or heavy enough weights to get all the traction you want … unless you own a monster tractor. U
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