Posted by NY 986 on February 28, 2009 at 06:01:38 from (32.178.27.238):
In Reply to: Farm loans posted by Eric b illinois on February 27, 2009 at 18:42:44:
Are you able to do any business analysis on your own? Most lenders I have dealt with usually like to see some preparation before you meet with them. If you are doing the same type operation you should be able to work up an operating budget which should tell you what you would have left for making payments. Most universities and state extension agencies have worksheets available so you have a template to work off of. My experience (I'm 45) has been lenders (FSA or otherwise) want a high degree of profitability on any proposal. If your proposal offers slim profitability in a good year, your chances are not good. If you get turned down, don't get too discouraged. Keep tweeking your plan and maybe a lender will go along with you. I think the next couple years will be tough. Again, doing as much preparation as you can ahead of meeting with a lender inspires confidence. As far as where to go, commercial ag lenders offer as much as FSA or Farm Credit. I know many good people at FSA but they don't seem to be much of a factor like they were in the 1960's or 1970's. Money seems to be hard to come by with them. Farm Credit at times seems dedicated to an already existing core of customers with little regard to new comers. Just my 2 cents.
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