I’m just a regular person with a regular job, but I have a lot of experience in the equestrian industry, which technically qualified as "farming". I want to purchase a particular commercial property for $650k. Median homes in the area are $200k (of which I have one, although I have a mortgage.)
I realize this may not be feasible but it’s my lifelong dream so I’ll be damned if I don’t try.
The property has a residence plus commercial farming facilities, so it is income-producing. How do I go about trying to find financing? (I realize I need a lot of market research, business plan, etc.)Do I simply approach regular banks with a business plan? The USDA? Nontraditional lenders?
Try farm Credit services. I have my farm mortgage through them and pretty much all they do is farm loans.
Try farm Credit services. I have my farm mortgage through them and pretty much all they do is farm loans.
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