What is the difference between agricultural loans and typical residential loans?
Many banks do not even offer agricultural loans primarily because the bank themselves is not situated anywhere near the farm land. Most banks reside in urban communities and therefore have no need for the extra requirements for approving agricultural loans.
Using an agricultural lending officer can assess the farm land and determine the best program and option for your situation. Banks can offer two types of agricultural lending: loans secured by agricultural real estate and those that are not backed by real estate. These second loans are also referred to as agricultural production loans and are suitable for various production costs associated with the farm.
Various Loan Types
If you are not buying farm land but still need an agricultural loans, there are certain programs available such as general operating loans, equipment loans, and livestock loans. These are for on-going lines of credit, livestock purchases or large equipment either new or used. Each of these is tailored to the specific need and client.
With Clark Jennings we can provide you with Tri-Cities agricultural lending, refinancing, expansion or equipment financing. Because we just deal in agricultural lending in Yakima and Tri-Cities we can offer our clients dedicated care and priority in their financing needs.
The Agricultural Loan Process
The process for obtaining an agricultural loan in the Tri-Cities or Yakima area certainly is a different process than any residential loan. With regard to documents, requirements, credit ratings and more, we help any farmer or land owner with all the details needed to obtain the best loan at the right rate for their current situation.
For Information contact:
Steve Weber - 509-248-5600 or cell 509-952-0776
Larry Zylstra - 509-248-5600 or cell 509-901-4003