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  1. #11
    Senior Member Plinker 777's Avatar
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    "This is one race of people for whom psychoanalysis is of no use whatsoever."
    Sigmund Freud refers to the Irish.

  2. The Following 2 Users Like This Post By Plinker 777

    coastal (03-23-2017), firemachine69 (03-24-2017)

  3. #12
    Senior Member Deuce-deuce's Avatar
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    A mini home on the he property won't make much difference... at least in bc it won't.

  4. #13
    Resident Combine Pilot JustBen's Avatar
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    Find a good mortgage broker. Ask around - they aren't all the same.

  5. #14
    Senior Member
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    Quote Originally Posted by coastal View Post
    I've been down this road, there are the big ones like Alpine credits. Super easy, here's your money, but wow is it hard to claw your way out. I ended up going through a mortgage broker friend who knew private lenders, he arranged everything for me to get out of Alpine credit and into something quite a bit better. I would suggest to find a broker in your area, most of these smaller private lenders seem to stick to their area.

    Good luck and make sure you sign a no penalty for leaving deal... That's one of the many places they trap you! Oh and the startup fee is another trick they like to use.
    Thank you very much for the pointers. I was expecting some up front extras, but back end stuff, especially wasn't sure what to watch out for.

    I think they're starting to find a local broker. I sent them to one place I did some equipment financing with and they referred someone else.

    And they mentioned some of theirs are location coverage specific.

  6. #15
    Senior Member
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    Quote Originally Posted by Dewey Cox View Post
    Try farm credit Canada.
    I'm assuming it's farmland?
    Or there might be a provincial equivalent in your province.
    Figured it was time to update this for anyone looking for similar.

    This wound up being their final option.
    Provincial farm board was almost rude when conventional agriculture already in full operation wasn't the situation.
    FCC was very comfortable with all options, dormant, woodland, etc.
    FCC said amount was very small for what they normally finance, had a lot more flexibility in evaluating than most banks.
    Apparently mini homes don't scare them and can even use them as a separate collateral option.
    Off farm income is not a bad thing in their opinion.
    Business plan needed, but level of detail needed, and financial income expectations was reasonable and obtainable.

    They are very early on, but are quite happy with FCC so far and are looking at some other things they offer.

  7. The Following User Liked This Post By SIR VEYOR

    coastal (10-31-2017)

  8. #16
    Señor Member Dewey Cox's Avatar
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    Glad to hear things went well.
    FCC (and afsc in Alberta) want to get people into land.
    The banks aren't so keen.

    Me: I'd like a loan for some land.
    Bank: Sure. How much land do you have?
    Me: None. I'd like to buy some.
    Bank: Let us know when you have some land. Then you can have some land.

    (That's a short play I wrote with the working title "How can you have land if you don't have land?")
    Why does the rest of the country get first dibbs on half my income?

  9. The Following 6 Users Like This Post By Dewey Cox

    BrotherRockeye (10-31-2017), coastal (10-31-2017), firemachine69 (10-31-2017), greywolf67nt (10-31-2017), IJ22 (10-30-2017), SIR VEYOR (10-31-2017)

  10. #17
    Shotgun, rifle and a 4 wheel drive! BrotherRockeye's Avatar
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    Quote Originally Posted by Dewey Cox View Post
    Glad to hear things went well.
    FCC (and afsc in Alberta) want to get people into land.
    The banks aren't so keen.

    Me: I'd like a loan for some land.
    Bank: Sure. How much land do you have?
    Me: None. I'd like to buy some.
    Bank: Let us know when you have some land. Then you can have some land.

    (That's a short play I wrote with the working title "How can you have land if you don't have land?")
    sadly that's bang on.
    We're kin cuz we shoot! What we shoot, and what we shoot at, shouldn't matter!

    "The worst an honest man can do is make an honest mistake" ~ Augustus McCrae
    There is no Justice...SUNRAY Lives

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