Considering buying some land in south college station. Looking for 12-20 acres. I would eventually build on it, but no idea when. What kind of rates and amortizations is everyone seeing? These loans seem to really vary from bank to bank. I would like a longer amortization to lower the carrying cost until I build if possible. 20-25% down is no problem. TIA!

Nm

call around to small local banks or capital farm credit.

Most of the banks I've talked to are using ARM's in the mid 4's but there are a few outliers. Amortization from 10-30 years.

Pretty sure capital farm credit will amortize out to 30. Rate goes up, the longer the lock. Better than anything a small bank is going to offer.

Appreciate the info!

Tormentos said:

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Just ran through a bunch of comps in the exact same location....taking out a few outliers the average was around $18,500 acre.

Capital farm credit quoted me around mid 4s and can amortize up to 20yrs I believe. This rate is before their capital disbursements back to members.

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Mid 4's? When did your quote? Just got a quote and it was 5's with mid fours after capital disbursement program. Excellent credit and great income: debt. Wondering if I'm getting hosed or rates have gone up already. 20 year fixed was 5.5%

Small local bank had a 5 year arm at 4.5.

Yesterday said:

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Tormentos said:

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Just ran through a bunch of comps in the exact same location....taking out a few outliers the average was around $18,500 acre.

Capital farm credit quoted me around mid 4s and can amortize up to 20yrs I believe. This rate is before their capital disbursements back to members.

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Mid 4's? When did your quote? Just got a quote and it was 5's with mid fours after capital disbursement program. Excellent credit and great income: debt. Wondering if I'm getting hosed or rates have gone up already. 20 year fixed was 5.5%

Small local bank had a 5 year arm at 4.5.

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Welcome toy world. I have never even once got an actual quote that wasn't at least 1/2% higher than what everyone says is the going rate.

Back on January 6th. These were 10 and 15 yr ARM at that rate. Maybe you were quoted conventional fixed rate?

Tormentos said:

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Back on January 6th. These were 10 and 15 yr ARM at that rate. Maybe you were quoted conventional fixed rate?

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Sent you a message Tormentos. I would think a 10 or 15yr arm would work. I would build before then, and even if I didn't and rates moved on me I could just pay it off. Don't think I would be as comfortable if it was a 5 year arm or something of that sort

Tormentos said:

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Back on January 6th. These were 10 and 15 yr ARM at that rate. Maybe you were quoted conventional fixed rate?

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Yes. That must be the difference. Mine were fixed.

Tormentos said:

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Back on January 6th. These were 10 and 15 yr ARM at that rate. Maybe you were quoted conventional fixed rate?

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When does the loan adjust on those ARM's? I'm very new to ARM loans.

They were 10/5 and 15/5 products. Rate change every 5 years.

Tormentos said:

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They were 10/5 and 15/5 products. Rate change every 5 years.

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Got ya, thanks!

I'd love to help you. Working with a client in that area right now for something similar.

I don't live in CS so I have no idea what you guys consider "south CS"….I am looking at 30 to 40 acre tracks that are south of college station, basically college station address but probably further out than what you guys are talking about. These tracts are not going for 50k acre unless maybe you are looking at smaller (1 to 2 acre tracts) and I can say this was confidence as I am negotiating a potential purchase at the rate I already stated above right now.

1-2 acres improved in south cs are anywhere from 100-150k an acre

I've been seeing 40-50 acres sales in east cs go for ~30k an acre


Only thing I've seen close to 18k an acre in under 50 acres would be ~20-30 miles from cs


When you say south cs are you taking about welborn\millican area or in Navasota ?