Land financing question

I have a good buddy who is looking at buying some property up in SE Oklahoma (middle of nowhere from what I've been told). It's got a small cabin on it (200 acres). Can anyone point me in the right direction for a good bank to work with who understands these type of transactions? Any pointers or info on standard loan terms would be helpful.

Capital Farm Credit has always been good to me.

They've got a pretty wide spectrum of loan packages available, not terribly different than residential. Rates are, on average, about 1-1.5% higher than you'd see on a home.

I'll add them to the list - thanks. Any idea on terms other than interest rate? Curious to know if the industry standard is 50% down, 15 year term or if they get more aggressive like a residential purchase and do 5% down and 30 years.

Rates are just a bit higher with Capital Farm Credit but the patronage checks sure make up for it. I've used them several times and they've been very easy to work with.

All of the land banks that I have dealt with require 20% down and offer rates for 5,10,15,20,25,30 years. And as was said above, the check you get back once a year from them more than makes up in additional interest points.

I don't think you're going to find anyone asking for less than 20% down, but it shouldn't really be any higher than 20% down either.

I did a 20-year back in November and I think it was 5.4%, but with the projected patronage, more like 4.3%. Rates have come up a bit since then.

Capital Farm Credit is technically a Texas affiliate for https://www.farmcreditnetwork.com/ and doesn't operate in OK. Look for an OK Ag credit office close to where he wants to buy.

Alot more rural land lenders are looking for 30%+ equity now.