Posted on: 24th Jun, 2011 10:22 am
i have 166 acres that are currently owner financed but the loan is due in 6 months. i am looking to refinance but can't find a bank that would be willing. i have a credit score of 760, make 120000+ a year outside the farm . i am looking to refinance $310,000 on a property that is worth over $1,000,000. i have 40 acres of the land in hay as a business but ag lenders consider me a hobby farm. any suggestions? local and big banks just laugh when i mention it is 166 acres! thanks for any help.
Have you tried private lenders, or hard money lenders as they are called? What state is the property in?