Nothing like getting conflicting information about how much we are going to have to borrow to build.
We were thinking that since we owned the land that the equity in it would act as down payment towards the cost of construction and we would only have to finance 80% of the construction costs.
The bank said the equity would go as down payment towards the combined value of land and construction costs and we would finance 100% of the construction costs.
A farm credit lender said he thought they would be able to finance 80% of the construction costs (along our lines of thinking) but he was going to check with his manage to make sure and we're waiting to hear back and now we're not sure how we will have to finance.
We will be able to use the farm credit place since the land is in a rural setting.
There's a big difference in 80% and 100% when you're talking construction costs of $250-260,000