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USA | Interest was higher than 4 -5 % at the peak of land prices in the late 70 early 80 time period. In 1976 borrowed money from Federal Land Bank for 8.5% on a variable rate loan. Which was not a good move, good thing it was only $40,000. In 1978 bought another farm, could have borrowed it at less interest on a variable loan from Farm Credit, but they wanted my Dad to co sign, he refused. Sure glad he did. Ended up borrowing the money from a life insurance co for 9.75% on a 20 year fixed rate loan.
http://www.moneycafe.com/library/primeratehistory.htm
Edited by coup 8/18/2010 07:16
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Land Values....
