Yesterday I received the news I have worked long and hard for. Nathan contacted me from Maine’s Pensobscot County Farm Service Agency to say that my loan request was approved by the state’s Farm Loan Manager. I can scarcely believe it!
Honestly I hadn’t expected to hear anything until later next week, so it came as quite a surprise when the email came through with the Notification of Loan Approval attached. I had to read Nathan’s words twice through, not daring to believe it at first lest I’d read it wrong, and even then I had to open the file and read the document entirely before I could accept that it was really real: my loan request has been approved! I’m buying the Swinging Bridge Farm!
At first I was so stunned that I was shaking. I couldn’t sit down, I had to stand up. I hugged Paul repeatedly, danced with Murphy, and bounced up and down; I was laughing and crying at the same time. After years of working toward this goal─to buy a property that would serve as my forever-farm home and become the pollinator conservation farm that I have envisioned since I began working with bees nearly 8 years ago─all of the struggle has finally been rewarded. I’m buying a farm!!!
Indeed, the FSA’s monstrous loan application and drawn out process has felt very much akin to a college final exam, upon which my degree depends upon. I did not attend college and am largely self-taught, but I feel I’ve earned that degree─or the equivalent of it─in the form of this loan approval. Did I mention I’m buying a farm???
We won’t actually close on the purchase for months, however. The FSA’s grueling process dictates that an appraisal of the property be done by an outside operative, which means the government offers the job to real estate appraisors across the state. The appraisors have something like 45 days to bid on the job, and once someone has been selected that person then has another 3 weeks or so to get the job done and turn in their report to the FSA.
They do this to ensure that the government isn’t paying too much for the property. The FSA won’t pay more than the value of the property, as these loans are funded with tax-payer money. This could mean that I might have to re-negotiate with the Seller if the FSA’s appraisal comes in lower than our current Sale Agreement, and that can sometimes be a sticking point. However, I’m fairly confident that I’m getting the Swinging Bridge Farm for a good price, and if the appraisal should come in lower than the $174,500 I’ve committed to, I have faith that the Seller will work with me to make my dream of farm-ownership come true.
In addition to the appraisal I need to have a number of inspections done on the house, including the chimney, electrical, plumbing and septic, and a water test. These I’ll have to pay for out of my own pocket before closing, but it makes good sense to have these things looked at to ensure the safety of not only my business, but my family as well.
Title research needs to be done, and I need to have insurance in place before closing too. I’m pleased as punch that Ernie Hilton has agreed to do the legal work on this for me. Ernie and Gwen Hilton have supported my ambitions with Runamuk for years. My most valuable apiary is located on their farm in Starks, where bee-forage is prime and allows me to produce high quality honey. More recently the Hiltons hosted my FarmRaiser party in their historic barn. It seems fitting that Ernie should be the one to help me seal the deal on this farm-purchase.
We’re probably looking at closing (I’m estimating based on the information I’ve gleaned from Nathan during this whole process) in the late winter or early spring. I’m going to wager that it will be sometime around the Vernal Equinox─the first day of spring: March 20th. After that I’ll hold off on the “Great Farm Move: the Final Chapter” until after mud season. The house at the Swinging Bridge Farm is coming to me fully furnished, so I’ll use the time in between to organize the place, sort through the existing “stuff”, and define spaces and work stations within the house, the attached shed and barn, for Runamuk and for my family.
But there’s also the chance that we may not close til June. It all depends how how smoothly things progress. Whatever the wait, I know I have something to look forward to at the end of this road.
After living in tight quarters for the last year, with a full-sized bed in what should be the family room, my 2 boys sharing a room, and Runamuk crammed in around us─it will be a huge blessing, and a big advantage to have designated spaces once again. While I support the concept of tiny-homes, with my operation requiring accommodations for various oils, soap curing, product packaging, honey storage, farmers’ market supplies and writing materials─it’s challenging to fit it into a small space and coexist. My boys will value having their own rooms once more, and Runamuk will have the space it requires to thrive and grow.
OMG I’m buying a farm!!!
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