| ctnfarms - 1/17/2021 08:22
Could you please give a little more info on the farmer mac loan? I'm working on a land deal right now and the bank wants to do a10 year note with a balloon payment. I'd really like to lock the interest rate in. My email is good if you prefer. My suggestion would be to strongly consider the ten yr. deal, and make payments based on the 30 yr. amortization. Lender needs to waive their prepayment restrictions to accomplish this. Effectively paying yourself instead of the lender. Sure you will have some interest rate risk in ten years, but do your best to pay it off at that time if need be. |
Interest Rates Question
