loans

[makar]

What i am trying to do is take a fcc loan to afsc, take off 2 farms for one. afsc called me to do it now im a idiot.

[hobbyfrmr]

i am a small potato, i drink brewhouse beer.

Wow! The struggle is real🙂

[makar]

Stupid part nothing changing, just moving money from fcc to afsc.

[grassfarmer]

I found AFSC weird to deal with, only went to them once to enquire about a bridge loan between buying one farm and selling the other. Had more money in the bank than I was asking for but they said they can't lend against equity. Oh well, their loss - they were supposed to in the business of charging interest. Didn't need it in the finish up anyway.

[mcfarms]

They must use existing lines of credit used or unused as part of the equity to potential liability, seems a little odd, you need to ask what methodology they use for their fitness test.

[malleefarmer]

I am currently refinancing/financing machinery.
Will let you know in broadterms which you will be able to read between lines.

Currently have have around 88% equity before jumping into new loans.

One face of it, your figures banks would jump at it here in australia they look upon ag in good terms.

May have been farmaholic cash flow is king, have dairy farming friends who milk not sure 500 cows milk cheque every 2 weeks loaded with debt but steady cash flow they can acccess money becaus eof it

[SASKFARMER3]

I would bet after rereading the post they added all previous supplier credit and classified it as opp even if it had zero balance. They did this so even if you have the money you only get enough rope so you don’t hang yourself.

Same as a guy with a million cash in a bank and no debt wants a loan for 250 thousand and they ask every stupid question on earth. You finally get sick and tired and just cash in a investment and move on.

Similar the guy with nothing for assets but cash flow so so can get grants and millions

[woodland]

Makar it must be your loan officer is clueless or doesn’t like you. Currently our financing is all for land and all through afsc. Our agent can approve or deny up to $750k of total debt without going through head office. We transferred a loan about 10 years ago from ATB when it came up for renewal with no issues. They borrow up to 80% of appraised value of land and can do 100% with equipment or another title as security.

I like the fact you can lock in your interest rate for up to 20 years since you never know when the rates may go to the moon.......... or not.

She is amazing and will definitely work to make things happen. I’m happily married so won’t comment on the “eye candy” factor. 😉

We started there after my brother built a house and needed a small loan and ATB said he’d have transfer his wife’s 0% car loan to them to make it work. That wasn’t about to happen. If using land as security I don’t know why they’re not working with you? Last deal was 5 months ago and approved the next day with cows, canola, and cps wheat paying the bills here. Not no milk cheque.

Maybe try another branch since I did that with crop insurance for a few years after a “shake up” in the office left me with “dumb or grouchy” as choices to work with.

[bobofthenorth]

Maybe try another branch since I did that with crop insurance for a few years after a “shake up” in the office left me with “dumb or grouchy” as choices to work with.

Someone told me a long time ago its much harder for your banker to explain if you switch branches. If you change banks he can always justify it that the other banker is a fool, taking on too much risk, doesn't understand, whatever. If you switch branches then the new guy is supposedly playing by the same rules as the old guy.

[saskshafe]

Wasn’t a personal shot at you, Makar. Just meant that you probably have to sign personal guarantees and all the othe crap that goes with the loc’s. May as well sign them on the lowest interest rate loan.
We switched banks this spring, and part of the deal was to cancel the operating lines from all over.
Agree with sask farmer on the head office direction. We were with the last bank for over 10 years, got a couple new local managers and I am told I better watch out. New manager across the street and I am a rockstar. Boy does my wife hate moving banks!!!