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truck
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Re: Owning / Financing Your Own Land
[Re: Remington270]
#1446917
09/11/15 10:28 AM
09/11/15 10:28 AM
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Joined: Nov 2005
Posts: 1,515
droptines
8 point
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8 point
Joined: Nov 2005
Posts: 1,515
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The way I look at it is really simple, the mortgage is on the land not the timber. The timber is a crop just like cotton, beans or corn. I would never work with a lender that wanted to tie a mortgage to the timber. The land should be appraised for the value of the dirt, any improvements (buildings, ponds, etc) and the value of recreation that the land provides. Timber should never be part of the equation. What if a tornado comes through and destroys 75% of your timber? Are you suppose to come up with the cash to pay for it? That's ridiculous. You did the right thing by finding another lender. Yeah, but your mortgaged amount will have the timber factored in, and will likely be well over the amount of the dirt. I agree though, that doesn't make much sense because a tornado is a very real possibility. The timber may be factored in, but it is not actually mortgaged. At least not in any of the farms I have bought. I guess it all depends on the lender and the risk.
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