Basic Loan Requirements
-Loan Amount-
We offer loan amounts ranging from $200,000 to approximately $50 million.
-Credit Score-
A minimum credit score of 660 is required for all borrowers.
Maximum Loan-to-Value (LTV):
We can finance up to 75% of the property’s appraised value.
Loan-to-Value (LTV) refers to the ratio between the loan amount and the appraised value of the property.
Example:
If you are purchasing a property valued at $1,000,000 and the maximum LTV is 75%, the maximum loan you could obtain is $750,000. The remaining 25% would need to be covered by the borrower, either in cash or with additional collateral.
Minimum Property Size (5 Acres):
We typically do not finance properties under 5 acres, except in cases where the property generates more than $5,000 in annual agricultural receipts.
-Lines of Credit-
Require a 50% LTV based on bare land value, secured by real estate.
What You’ll Need for Your Loan Application
To begin the loan process, you’ll usually be asked to provide the following:
• A completed farm loan application
• Tax returns for the past three years
• A current balance sheet
Depending on your specific loan product, additional documentation may be required. Since each loan is unique, the exact requirements will vary according to your circumstances.
More details can be found on our FAQ page. Please note, further documentation may be requested later in the loan process.
Your Property Documentation
To move forward with your loan application, you’ll need to provide the following property-related documents:
• A copy of the signed sales contract, including any riders
• Verification of the deposit made on the farm property
• Contact details (names, addresses, and phone numbers) for all realtors, insurance agents, and attorneys involved in the transaction
• A copy of the property listing sheet and legal description, if available
Your Income & Liabilities Documentation
To assess your financial qualifications, you will need to provide the following:
• Tax returns for up to the past three years, including all schedules, and the most recent year for any corporation where you own 10% or more
• Copies of your recent pay stubs and W-2 forms
• If you plan to use alimony or child support as part of your qualification, please provide the divorce decree or court order specifying the amount, along with proof of receipt for the past year
• For any debts not appearing on your credit report, a credit verification will be required
Source of Funds & Down Payment Documentation
To verify your funds and down payment, please provide the following:
• For savings, checking, or money market accounts, submit copies of your most recent bank statement (a printed account summary is sufficient)
• For stocks and bonds, provide your latest statement from your broker, or copies of certificates, or an account print-off
• Depending on the information in your application or credit report, additional documentation may be requested
• A current balance sheet or financial statement detailing all assets and liabilities
