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How To Pay Back 80k With 35 Acres?

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  • 11-08-2014 10:14pm
    #1
    lightening strike1
    Registered Users Posts: 15 ✭


    Does anyone know if it's possible to pay back an 80K loan/mortgage with 35 acres of good land? Very vague question I know, but maybe someone had a similar experience? I am considering purchasing the land but I would need to be able to service loan with income from farm.


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    #2
    Buona Fortuna
    Closed Accounts Posts: 3,507 ✭✭✭Buona Fortuna


    Is it just land, are there sheds etc.?


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    #3
    _Brian
    Registered Users Posts: 18,515 ✭✭✭✭_Brian


    lightening strike1 wrote: »
    Does anyone know if it's possible to pay back an 80K loan/mortgage with 35 acres of good land? Very vague question I know, but maybe someone had a similar experience? I am considering purchasing the land but I would need to be able to service loan with income from farm.

    Surely you're buying with regard to farming in a particular sector ?
    If you're going to the bank for money you'll need a watertight business plan showing how you'll make the required payments within the sector you've chosen.

    There are other questions??
    Do you expect to take an income for yourself along with the repayments ?
    Are you farming already? I'm not sure if you cant show "form" will the bank lend.
    Even after the €80k do you have capital to stock it and maybe purchase some machinery??


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    #4
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    sounds very cheap for 35 acres of land


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