Getting the loan you need starts with finding the right lender. This is particularly true when it comes to agricultural land financing. Thankfully, choosing an expert land lender doesn’t have to be difficult. By asking the right questions and reviewing your options carefully, you can choose a financing partner that meets your needs and helps set you up for success. Learn more with this overview of what to ask your prospective rural land lenders when you’re looking for a loan.
What Types of Loans Do You Offer?
Rural land can refer to countless different types of properties. This means that some lenders don’t offer the kinds of loans you need. For example, residential lenders have strict maximum acreage requirements. Other agriculture lenders might have minimum land requirements or dictate what you can do with that land.
You’ll want to choose a lender with flexible loan options that can suit whatever you want to do with your rural property. Ask your potential lender what kinds of properties they can work with and make sure they have the right loan options to fit your needs.
What Experience Do You Have in Agriculture?
It’s important to work with a lender who has specific agricultural experience. They will better understand your needs as well as the kinds of challenges you’ll face. This means they’ll be able to help you find the exact loan you need for your specific endeavor.
What Is Your Rural Loan Process?
Every lender has a slightly different approach to financing, which is why one of the most important things to ask your prospective rural land lenders is how their processes work. What does the lender need for your application? How do they appraise land? Asking about these and other steps helps you understand what to expect when you begin the loan process. With this knowledge, you can guarantee that your loan will meet the needs of your budget and timeframe.
What Other Services Do You Offer?
Securing a loan is only one step of financing. Therefore, you should also ask about services outside of the loan approval process. Will your lender be able to support you if you need to make changes down the road? Can they offer financial advice for future farming endeavors?
It’s also good to remember that the type of service you get before and during the approval process is indicative of the kind of experience you’ll have the entire time you work with your lender. That’s why you should look for a lending partner who is knowledgeable, transparent, and always ready to help.
At Farm Plus Financial, we use our agricultural knowledge to help clients find the rural property loans they need. With friendly service, competitive rates, and years of experience in agricultural lending, we can help ensure long-term success for you and your land.