Where to Find Wisconsin Hunting Land Loans

 

Many hunters dream of purchasing their own land, so they don't have to rely on other's property. Some hunters want to get away from renting, so they purchase as a long-term investment. Hunting property is becoming a hot ticket item because the amount of public land is decreasing. You may want to claim a space now, as there are limited resources.

For whatever scenario you're in, you should understand the process of obtaining a hunting land loan. It's slightly different than the procedure for purchasing regular land. So, let's discuss your financing options. The first thing you should know is that not all banks offer these kinds of loans. They're not a commodity for financial institutions, like a mortgage or auto loan.

You would probably want to look in a more rural area. If you live in a city or suburb, it may be best to go directly to the county you're purchasing land from. Another reason you should avoid going to a city or suburb bank is that they may have limited knowledge. They're not used to processing these loans, so they may deny it simply for that reason. As with any loan, your lender will want some form of collateral. They want to be reassured that they'll be covered if you're unable to pay at any point.

So, for instance, you can typically back your mortgage payment with your home. You could use your car as collateral for an auto payment. But, in many cases, banks won't let you use hunting land as collateral. You may be able to use your home if your bank allows it. Some don't though because it can be a risky choice. If you can use your home, we recommend doing so. There's a good chance you'll be subject to lower interest rates.

Financing Strategies

Ideally, you'd like to find a financial intuition that can offer a direct hunting land loan. If you can't, look for a regional bank that specializes in agriculture or farming loans. Hunting and agriculture/farming loans coincide well, especially in a lender's eye. They both require considerable conversation efforts and similar maintenance.

If you do go this route, you may have a more lax pay schedule. Since farmer's income often fluctuates between season, many institutions accept quarterly payments.

When you begin meeting with lenders, it's probably in your best interest to hire a land broker. They will charge you a portion of the land's price, but they can help you work out a deal. They also understand the area's zoning regulations. This can be extremely beneficial if, let's say, you had problems gaining access to land.

Raw Land Loan

In many cases, banks will classify a hunting land as "raw land" and treat the loan as such. Essentially, raw land is one that has no plans for improvement.

It doesn't currently possess any additional value, such as utilities and street. Furthermore, the city isn't looking to add on or make it worth additional value.

Many lenders are skeptical because they'd have a hard time selling if you default. For that reason, you're likely subject to a higher down payment and higher interest rate. (This is another reason you should go directly to the area you're looking at buying from. You'd have more luck working with a lender who's familiar with the property and its potential use.)

Raw land loans are often treated as commercial loans. Your repayment terms will differ greatly from a typical residential loan. Again, you would be subject to higher closing costs. One way to combat this is to use equity from your own residential property. This will reduce all closing costs, even your interest rates. You may also consider using your home equity loan or a home equity line of credit (HELOC). Also, cash-out refinancing is available. But, make sure you do thorough research to see if these policies are right for you.

Power of Cash

The last tip we'll leave you with is that if you're able to, you should consider buying upfront. In many instances, land can be purchased for a few grand. This will allow you to secure the property and get hunting as quick as possible. Plus, you could find yourself scoring some pretty big deals if you pay cash. This isn't always the case for buyers, so you do have to consider your financial situation. But if you have the ability to do so, why bother with a loan, interest rates, quarterly payments, etc.?

You may even consider pairing with a hunting buddy or family member to purchase the land. You would have to communicate well, so you could establish boundaries, rules, etc. This would, of course, require a great deal of trust and financial means on both ends. But, it is an alternative for those who are looking to avoid taking out a loan.

Looking for a Hunting Land Loan?

Hunting property is an excellent buy right now because as we mentioned, land is going quick. Cities are always expanding, so hunting land is becoming scarce. If owning your own land has been your dream, then you don't want to risk missing out. You should work with an institution who understands your passion for the sport and how to help. Does that sound like you? If so, you're in the right place. We're Partnership Bank and we want to be your one-stop shop for your hunting land loan.

We finance through the entire state of Wisconsin with our personalized, fast services. We go above and beyond to find the loans that match your needs. Does 20% down with competitive rates sound good to you? Learn more about our hunting land loans here!

About Partnership Bank

Partnership Bank has four locations in Wisconsin: Cedarburg, Watertown, Tomah, and Mequon. As a community bank, Partnership is dedicated to helping individuals bank with ease and affordability. We specialize in hunting & agricultural loans, 30 and 15-year residential mortgage, free personal & business checking accounts, and small business equipment leasing loans.

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Currently serving the following counties & communities:

Ozaukee County, Washington County, Monroe County, Dodge County & Jefferson County. Communities served include Cedarburg, Grafton, Germantown, Mequon, Menomonee Falls, West Bend, Glendale, Whitefish Bay, Shorewood, Milwaukee, Thiensville, Port Washington, Tomah & Watertown.

A Business Owner's Guide to Leasing Equipment in Wisconsin

 

Are you torn over buying new equipment for your business? You have a need for equipment, but you don't have the capital to pay for it all at once. You don't want to have to take out another loan either. You're trying to keep your debt manageable. So what do you do? Keep limping along with your old equipment? You don't have to. You're not out of options yet.

Have you looked into leasing equipment? If you're in the business world you've probably heard of it. Around 80% of businesses lease at least some of their equipment. Let's take a look at what it is to help you decide if it's right for you.

What is Leasing Equipment?

Leasing equipment is like leasing a car. You pay a monthly fee to use a piece of equipment without having to outright buy it. At the end of the lease, you have the option to buy. The type of lease you chose determines the price you pay. It can be anywhere from $1 to the fair market value of the equipment.

There are all kinds of equipment available for businesses to lease. You can lease heavy machinery, computers, vehicles, or even an entire office. Oftentimes startups don't have enough upfront capital to buy all their equipment outright. Leasing equipment can help them get started. Once the business starts generating income they can then buy the necessary equipment.

Types of Leases

The same terms will not work for all equipment leases. Thus, there are various options available to business owners. There are two basic lease categories. The rest of the more specific leases fall into one of these two categories.

Capital Lease

The first category is the capital lease. This type of lease lets you enjoy the benefits (and drawbacks) of 'owning' the equipment. For example, the cost of the equipment is tax deductible up to $500,000. Plus, on your balance sheet, the equipment appears as an asset while the lease appears as a liability. This is a good lease for equipment that you plan to buy when the lease is up.

Common Capital Leases

Businesses often use the $1 buyout lease when they want to buy the equipment. At the end of the lease, they can buy the equipment for $1. It's a way to spread the cost of the equipment out over a period of time. This option involves a higher monthly payment. The 10% option lease is very similar, but it offers a lower monthly payment. At the end of your lease, you pay 10% of the purchase price to buy the equipment.

Another version of the 10% option is the 10% PUT lease. This is the same except that you promise to buy the equipment at the end. The advantage to this is that the lender is often willing to offer lower payments. It's an advantage to them because they don't have to worry about what to do with the equipment later.

Operating Lease

The other main category is the operating lease. Equipment leased with an operating lease does not go on your balance sheet. The lender gets the depreciation benefit. This is a good lease option for equipment that you need to upgrade a lot. For example, computers or other pieces of technology that change and update fast.

Common Operating Lease

With a fair market value lease, you make a lower monthly payment. When the lease is over you can buy the equipment at its fair market value.

This is an expensive route for equipment you plan to buy. But it can be good for equipment with a short life. Instead of buying it at the end you buy or start a new lease on updated equipment.

Reasons to Lease

So when does it make sense to lease instead of buying equipment? Let's look at a few reasons why you may want to consider leasing.

The Cutting Edge

Some equipment that you use for your business may change very fast. Technology, for example, is always changing. It can feel like you recently spent a lot on a piece of equipment and it's already obsolete.

Leasing equipment comes with a relatively small monthly payment. And when the lease is up you can go on to something newer and better. Plus, you're not stuck with an obsolete piece of equipment.

Not Enough Capital

There's only so much money to go around. Starting a business takes a lot of money--and a lot of credit.

You've got some capital, but you've got to decide how to make it stretch. Leasing equipment is a way to mitigate the cost of new equipment without adding on another loan.

Selling Old Equipment

It can be difficult to get rid of your old equipment, especially if it is now obsolete. To prevent this problem in the future you can take out a lease. Then you simply don't take advantage of your option to buy. You can let the leasing company worry about it.

Plus, many companies will give you a discount on a new lease if you turn in old equipment. That solves your current problem as well. You don't have to worry about finding a buyer and you get a great rate on new equipment.

A Fixed Rate

Banks tend to offer floating rates on loans. That means, of course, that your interest rate can fluctuate. That's usually not a good thing for you.

Lease terms tend to offer fixed rates. You'll pay the same amount in 2 years time that you're paying now. That makes it a lot easier to plan your budget.

Lease financing also extends to all the costs involved with the equipment. Extra costs like installation, training or sales tax are not often included in a loan.

Taking Out a Lease

Always get an equipment lease from a reputable, trustworthy company. It is important to do your homework before leasing equipment, just like before taking out a loan. Check out our leasing options today. You'll find we have great rates on the equipment you need for your business.

About Partnership Bank

Partnership Bank has four locations in Wisconsin: Cedarburg, Watertown, Tomah, and Mequon. As a community bank, Partnership is dedicated to helping individuals bank with ease and affordability. We specialize in hunting & agricultural loans, 30 and 15-year residential mortgage, free personal & business checking accounts, and small business equipment leasing loans.

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Currently serving the following counties & communities:

Ozaukee County, Washington County, Monroe County, Dodge County & Jefferson County. Communities served include Cedarburg, Grafton, Germantown, Mequon, Menomonee Falls, West Bend, Glendale, Whitefish Bay, Shorewood, Milwaukee, Thiensville, Port Washington, Tomah & Watertown

How to Get Free Checking Account in 2018

Free commercial bank checking accounts are a thing of a past, officially, as of this year. Bank of America was the last commercial bank with the phasing out of e-Banking accounts. This is obviously a blow to anyone who is either an independent contractor, freelancer, or cannot get a direct deposit.

The $12-15 penalty for keeping a checking account open under $1200-1500 without the direct deposit has pushed many to seek other alternatives. If you're looking how to get free checking in Wisconsin, we have all the research done for you. This handy guide will compare the different ways to get free checking, no strings attached.

Pros and Cons of Online Banking

Online bank accounts have risen in popularity over the last decade, coinciding with the changes in commercial banks policies. People looking at how to get free checking will come across these online banks at some point. The question becomes: are these online banks as good as the physical ones?

To answer that, we must look at what these online banks are offering. Banks like Ally, Simple, and Chime are some examples that offer no minimum balance, no fees, and no direct deposit necessary. The perk of being able to sign up online and be banking as soon as three days is great for those in a pinch.

So, what about ATMs, you might be thinking? Well, because these banks don't have physical branches, you'll be using other banks' ATMs, which will charge you their fees. These fees will be reimbursed by the top online banks.

How much they cover will vary, some offer as much as $50 per month.

Finally, another pro that some customers make note for online banking alternatives is the fact that they all have mobile apps for quick transactions, check deposits, and transfers. Not all companies will have full-featured apps, and some can be lacking on compatibility.

Things to Consider

There isn't one online bank that is the "best" over each category. You should expect to make some compromise. For instance, the bank with the most elevated loan cost may not have high ATM expense repayments.

Identity theft or fraud is a reason you shouldn't put all your money in online checking accounts. Identity theft is so pervasive you'll likely get compromised by it sooner or later, however it isn't as troubling because the cash charged to a Visa isn't coming specifically out of your wallet.

Debit cards tied to online banking can leave you out of commission, as opposed to credit card fraud that can be corrected while you still have access to real money. Regardless of whether you bank repays you for the loss, it could mean getting utilities cut off from being in the red.

Something to think about when weighing your options on how to get free checking accounts.

Credit Unions and Local Banks

Now, let's look at the most promising alternatives for how to get free checking after leaving the big banks. Credit unions and local banks are not-for-profit like the big banks. They don't have faceless shareholders that they answer to first, nor do they exploit tax loopholes that take money out of the economy.

There are many reasons why the small banks should always get your business over big ones, not only because they are the only way how to get free checking now. Among the biggest reasons are: lower interest rates on small business loans, higher savings account rates, lower or no fees on services, and customer support.

Therefore, people trust local banks and credit unions the most:

Strengthening the Local Economy

We often talk about how the country needs to support small businesses, but few talk about the importance of using local banks. Big banks extract wealth and give it to their executives and shareholders, local banks loan it back to the community they reside in. Small banks make up only 1/4th of bank assets, meanwhile they do more than half the small business lending. By doing business with community banks, you're helping your local economy prosper and grow.

Holding Banks Accountable

It's difficult to force a big bank to do anything, even for our own government. When the community airs their grievances about the end of free checking hurting working class people, it falls on deaf ears. Too big to fail, too big to care.

Meanwhile, local banks rely on their community relationships for success. Having personal relationships with their customers, listening to their needs and what they can bring to the table. If the community is successful, so is their bank.

More Access, Better Service

By switching from a big commercial bank to a credit union or local bank, you're not losing any banking features. In fact, you'll open more opportunities if you ever decide to start a business. Local bank loans come at lower interest rates and much higher approval rates.

Community banks understand because they're technically small businesses themselves. The bank tellers and advisers aren't going to treat you as an expendable customer, just because your credit rating isn't perfect.

How to Get Free Checking Now

If you're tired of searching tirelessly for a free checking account in Watertown, Cedarburg, Tomah, or Mequon, look no further. Partnership Bank is a community bank that understands the importance of reliable access to funds, whether it's a few hundred dollars or $10,000. We want you to feel safe and secure when doing business with us. Even if you do decide to open an online account, give us a visit or contact us to find out more about how banking locally can make a difference in your life.

Get back at the big banks by teaming up with the little guys and showing the power of a strong, united local economy.

About Partnership Bank

Partnership Bank has four locations in Wisconsin: Cedarburg, Watertown, Tomah, and Mequon. As a community bank, Partnership is dedicated to helping individuals bank with ease and affordability. We specialize in hunting & agricultural loans, 30 and 15-year residential mortgage, free personal & business checking accounts, and small business equipment leasing loans.

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Currently serving the following counties & communities:

Ozaukee County, Washington County, Monroe County, Dodge County & Jefferson County. Communities served include Cedarburg, Grafton, Germantown, Mequon, Menomonee Falls, West Bend, Glendale, Whitefish Bay, Shorewood, Milwaukee, Thiensville, Port Washington, Tomah & Watertown