At Farm Mortgage Loan, we’re proud to be a top provider of agricultural finance options in Utah. We have over five decades of experience in this area, and we take pride in our high level of service and our excellent rates.
We’re so confident in our services, in fact, that we encourage our clients to do their due diligence and shop around when looking for farm credit loans and other financing options. Here are a few criteria you should be considering before applying for a given loan.
Whether you’re a current or new farmer, or even if you’re any other kind of agriculturalist, the first step to take before applying for a loan is setting up a detailed business plan. This plan will highlight your current finances plus look to the future, projecting cash flow for a set period. It will allow the lender to see how much loan capital you’ll require to complete the goals outlined, and will also help give a strong indication of your creditworthiness and how capable you’ll be of paying the loan back.
State Finance Programs
Most states offer a few specific state-funded agricultural finance programs. These can range from short-term land loans all the way to disaster recovery loans, equipment loans and more. Speak to our experts about whether you’re eligible for any of these programs.
Every lender will have their own specific rates and least loan amounts, and it’s best to look at factors like installment period, lending terms, marginal payment options and more before making your decision. There are many online tools for assessing the combined quality of a loan given these factors.
While they aren’t necessary populous, it’s worth checking the offerings that commercial lenders and banks put forth within agricultural finances. Be careful here, however, as these loans aren’t offered by folks who specialize specifically in this area.
For more on the factors to look for in agricultural finance, or to find out about any of our farm loan options, speak to the pros at Farm Mortgage Loan today.