[FreshAir]

I am just dealing with this group now on a farm deal and having a terrible time. Like most banks, mediocrity wins the day, but this is exceptional. Has anyone had any similar experiences with them? I wouldn't have them help me get a free balloon, never mind a farm....and they are supposed to specialize in that!

[spacehorse]

I had a similar experience with MidAtlantic Farm Credit. I bet that they are all the same parent company. Their rates were insane, but they know they have a niche market and you have to take what they give you...unless you get lucky like I did and found a local bank that is going to keep my loan in house for half the rate that MidAtlantic is selling mortgages for.

I am betting that that bozo that I was working with is still thinking I am going to call him back, like a year and a half later. Their service was non existent. I am still waiting for him to call me back about setting up an appraisal. LOSERS!

[Guilherme]

Have you tried Farm Credit or AgCredit? They are true specialists in farm lending.

Some of our local credit unions will finance ag loans. They keep their loans on the their own books and do better "due diligence" in evaluating buyers. Of course that means fewer buyers will qualify, but those that do are of high quality.

Regarding rates, you will pay more for an ag loan than a residential loan. That's because the risk to the lender in the event of foreclosure is greater.

Good luck in finding a funding source.

G.

[KnKShowmom]

Couldn't even get Farm Credit to return my call -

Got a local bank to do our farm loan - got to sit across the desk from the loan officer instead of emails and phone calls. Plus they have an interest in the community so they saw our construction as helping the local economy not just their pockets.

[Sparky Boy]

Farm Credit was very good to us. Rates are a tad higher but does pay dividens.
Secondary market wouldn't touch our loan, they dont know how to appraise a farm either. Told us the indoor arena was worthless, wth?

[FreshAir]

Farm credit has basically given our indoor and barn "no credit" on the appraisal. I give them no credit either for their analysis or customer service.

[KnKShowmom]

I lucked out on my appraiser - has experience with horse barns and knows the value of different materials so I have been pleased - we actually haven't lost any value since our last appraisal 4 years ago.

[IronwoodFarm]

Wow, I can't say enough nice things about Farm Credit of the Virginias. The staff of the Warrenton, VA office rock. They are completely customer oriented.

When Mr. IF and I started looking at farms, I must have talked to my loan officer there for 6 months. She had no assurance that I was ever going to apply for a loan, but she helped explain farm financing to me. It is very different from residential real estate. Interest rates on raw land are higher than residential rates. I also love the fact it is a cooperative arrangement and they pay dividends on all their loans. Each year we get back what is roughly the equivalent of a mortgage payment. They also hold reserves that they can release to participants from time to time. I really appreciate that we have our mortgages with them, had a loan that built our barn (paid off now) and have operating lines of credit.

I'm sorry the OP is having problems with his/her Farm Credit branch. My experience has been the opposite. I would never go anywhere else for farm financing.