Best Farm And Livestock Loans You Can Avail In 2021
Farm loans are helpful for farmers as they can buy a farm, grow crops on them, and expand it. In the initial phase, farm loans offer liquid money and help the farms run low on cash. A farm loan can be for crops, equipment, livestock financing, and credit lines. Farm loans can vary according to how large or small a farm is. Aside from that, the factors include your financial history, collateral, and whether you have the eligibility to avail of an FSA or Farm Service Agency loan program. Here is what you need to know about the best farm and livestock loans you can avail of in 2021.
Farm Credit Mid-America
This lender is the best overall. Farmers can buy farmland, repair buildings, construct new structures, and purchase finance equipment through Farm Credit Mid-America. Up to 30-year repayment terms, more than 150,000 loans, as well as complementary programs to look after the changing requirements of a farmer are the advantages you can get from Farm Credit Mid-America. There are a few downsides too. If you want to qualify for a loan from Farm Credit Mid-America, you have to show that you have a Farm Service Agency guarantee.
Another disadvantage of Farm Credit Mid-America is that it only operates in Ohio, Kentucky, Indiana, and Tennessee. If you have a farming business, you can take loans from Farm Credit Mid-America at any stage. Farm Credit Mid-America is considered the best lender because of its extensive services and extra features such as cash management, equipment financing, crop insurance, etc. The rates of interest lie between 1.25% and 2.5%. Not only real estate loans, but this lender also offers investments, crop insurance, equipment leasing, and specialized financing.
For incremental purchases, the 10-year LOC or Line of Credit from AgAmerica is the easiest program you can use if you want to apply not more than once. At the same time, you can also make the best use of the revolving LOC. The upsides of this lender are many. With AgAmerica, you have the option if you want to convert to a term loan. You can use the funds you take from AgAmerica for any business purpose you might have. Next, you are not required to do any renewal paperwork every year.
There are no mandatory paydowns as such. You can avail of loans from America from anywhere in the United States. However, you must have 25 acres of land in your possession or plan to buy that much land if you want to be eligible for a loan from AgAmerica. You can’t talk to an AgAmerica representative on weekends. Plus, you can’t have a credit score less than 680. AgAmerica is known for its land and commodity expertise across the US and boasts of impressive customer service. These factors have won plenty of customers over the years. AgAmerica has its base in Idaho, Boise, Lakeland, and Florida.
American Farm Mortgage & Financial Services
The unique selling point of American Farm Mortgage & Financial Services is its ability to offer competitive rates, low down payment loans if you have a credit score lying between mid 600s and low 700s, and much more.
Therefore, American Farm Mortgage & Financial Services is one of the best lenders for farmers with a nice credit score. Multiple repayment periods, up to 95% loan-to-value ratio and affordable loan options are the upsides.
There are a few disadvantages too. Your business must operate for at least three years in the last ten years if you want to qualify for a loan from American Farm Mortgage & Financial Services. The loan terms are usually up to 30 years, and the rate is fixed for the first 15 years. In addition to that, you won’t be able to avail yourself of any no commodity specialty loan product. The lender is a subsidiary of Legence Bank. If you are eligible for an FSA program, the down payment can start from 5% and can go up to 30% in the case of non-FSA agricultural real estate loans.
Camino Financial, Farm Credit Services of America, AdvancePoint Capital, and Farm Plus Financial are some of the other popular lenders for farm and livestock loans in 2021. You can explore all these options to see which one suits your requirements best. Based on your needs you can apply for a loan and improve your livestock and farming business.
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