Quote:
Originally Posted by Jack Gifford
As a youngster on the farm, my dad would take me with him every spring, to borrow seed/fertilizer money from a well-to-do neighbor- on just a handshake. I never imagined that I would ever be on the other end of such a deal, but...
I've been extremely fortunate with some past ventures, so decided to help support local farming. On not much more than a handshake, I've struck a deal with a neighbor whom I've known all his life, for a $400k loan at slightly less interest than Farm Credit Bureau gets, and a little more than CDs would get me. A win/win situation!
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Although you didn’t ask for my advice. I strongly suggest you not do it. This a completely different time then your father’s. I would definitely advise you to have legal documents drawn up.