Financing Raw Land Options

[Seth Greenfield]

I recently purchased 46 acres at a Sheriff auction. Got a steal of a deal. I bought it with cash and used my HELOC for the balance. I'm wanting to refinance and been working with a local bank on loan options. They offer whatever term I want through 20 years. But if I want a fixed rate then it has to be 7 years or less. They've quoted me a 7.8% rate for 5 or 7 years and 7.9 variable for 10 or 15. They won't cap the rate to a max increase or anything like that. Best I can tell it's prime plus 2.4 month to month. I just thought I would get some opinions on the dangers of going with the 10 or 15 year as opposed to the 5 or 7. Or see if anyone else has a better solution?