banks + lending rates

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was wondering if anyone here has any experience with talking to banks of late and what kind of rates they are offering when it comes to borrowing to buy land , i had a brief conversation with my local bank and i got two impressions

1. they dont see a loan for land as a mortgage so perhaps rates are slightly higher

2. all descisions are made at HQ , the local manager has little say anymore when it comes to throwing out funds

that was with bank of ireland btw
 
I know a dairy farmer who bought 25ac thisyear and boi gave him the money but in general it is very hard to get a loan at any rate.
 
depends how good your history is and how good your books look and then you have to tell them what they like to hear. They seem to be way more willing to lend at the moment as they done shag all business during the summer especially ag related. Maybe be a good time to ask as ag managers may have targets to hit by end of year
 
Id say around the 200k mark, he would have no other borrowings and is milking nearly 100cows.

thats the amount i have in mind , i would have thought the repayments were around a grand per month for a thirty year loan which is 4.75% or thereabouts
 
i was at a teagasc dairy meeting in ballyhaise today which was sponsored by BOI , the meeting finished with a talk from a bank of ireland sales rep, he said their doors are wide open for framers business and they have a capital fund in place to fund farmers , but that its all to do with your repayment capacity for a loan at the min
 
Feck bank of Ireland,lots of other banks around mad to do business!! What rate did they quote and terms they asking? Were way out 2months ago when I was talking too them
 
200k over 15yrs comes in at 18k per yr plus pay tax on capital if its for land purchase,i just don,t know how lads can buy land thats with aib by the way
 
200k over 15yrs comes in at 18k per yr plus pay tax on capital if its for land purchase,i just don,t know how lads can buy land thats with aib by the way

Usually wealthy milkmen :whistling:

Anyone else noticing lots of receivoir / NAMA land coming up for auction recently?

Believe me, you will be hard pushed to get any money out of a bank at the minute!:sad:
 
200k over 15yrs comes in at 18k per yr plus pay tax on capital if its for land purchase,i just don,t know how lads can buy land thats with aib by the way

they can buy because they have lots of cash to put down
 
Usually wealthy milkmen :whistling:

Anyone else noticing lots of receivoir / NAMA land coming up for auction recently?

Believe me, you will be hard pushed to get any money out of a bank at the minute!:sad:

yet farmers are able to pay ten grand per acre on average for an acre of ground
 
they can buy because they have lots of cash to put down

the tax man must be very stupid if can be conned by a bunch of farmer,s most of whom didn,t even do their leaving cert,the revenue look at new car registrations and match them against tax returns surely to god they do the same to any land purchases
 
the tax man must be very stupid if can be conned by a bunch of farmer,s most of whom didn,t even do their leaving cert,the revenue look at new car registrations and match them against tax returns surely to god they do the same to any land purchases

There are very few uneducated farmers out there. when the milk check comes in or an animal is sold in a sale do you honestly believe that either business just pulls out a wad of notes and hands it to the farmer. if the people we are conning are people who make idiotic comments like the above are the ones to be conned well they deserve it.
 
they can buy because they have lots of cash to put down

Its not really cash , its money from selling other land or property, the amount of farmers who got cpo money is massive, I know a farmer who has bought over 1000 ac of land in the last 3 years and he still has money in the bank.:thumbup2:
 
friend of mine who has banked with boi all his life was looking for a loan to buy land, they wanted 33% up front:thumbdown: he moved to ulster bank and got the loan he was looking for
 
Its not really cash , its money from selling other land or property, the amount of farmers who got cpo money is massive, I know a farmer who has bought over 1000 ac of land in the last 3 years and he still has money in the bank.:thumbup2:

he,s litterally one in a million , i think land is good value up to 8 k an acre but i think 10 k is too high , thats not to say it wont be 15 again in five years , it probabley will , its more expensive in england now than it is here and they have more of it for sale than we do
 
friend of mine who has banked with boi all his life was looking for a loan to buy land, they wanted 33% up front:thumbdown: he moved to ulster bank and got the loan he was looking for

I think that the more you are loyal to any business not just banks the more likely they are to take you for granted
 
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