General Land Information:
-Property can be located anywhere in the United States.
-Must be 5 acres or more
-Must be agricultural ground that has the ability to produce agricultural income. Certified General Appraiser must classify ground as Highest and Best Use Agricultural.
-Existing structures can be on the property, however there is a limit on the value that those structures can bring to the property.
*Residences/dwellings are limited to $750,000 in value
*Structural Improvements are not to exceed 25% of the total appraised value
-No restrictions on commodities
*If property has permanent plantings, there will be limits on cash out and overall loan to value.
General Loan Information:
-We can finance purchases, refinances, or refinances with cash out.
-We can lend up to $5 million
-Maximum Loan to Value is 70%
*Loans can be eligible for Choice Pricing (Lower Interest Rates) if the loan is $3 million or less and has a Loan to Value of 55% or less.
*If loan is $3 million or less, there is no limitation on use of funds for cash out. If loan is $3 million or greater, there will be a limit of $1 million on cash out.
– Reduced loan documentation required for a scorecard system approach to underwriting
*Typical documents required will be a max of 2 years of Tax Returns (Personal and Business Entities that are applicants) and Completed Application.
General Process:
We are happy to discuss eligible properties and/or borrowers prior to submitting an application. A final decision will be made once a completed application and required supporting documentation is received. Decisions typically take 24-48 hours to be returned.
Once we have an approval to move forward, we would issue a Preliminary Loan Approval contingent on Appraisal and Title Work. Appraisal and Title Work must meet requirements for financing. We can share those specific details with you if you desire.
Please let us know if you have any questions on the above information or if you would like to discuss a deal that you may have that would qualify.
Thank you, again, for reaching out. We look forward to seeing how we might be able to provide financing for your clients.
