Amherst WI | Deere6 - 2/28/2024 05:14
Because no one under 65 (assuming 20 years old to really be making decisions) has really seen it happen.
I have seen some comments by new to the business loan officers in their 20's that make me shake my head. They love to use the word "leverage" to get more. Which is a great way to lose the whole farm over another 80 if thing go to crap, which they have never seen in their lifetime.
The other thing about the lending industry is the "old guard" that started their lending career in the 1980's has started to retire, really most of them have if you think about it. That old school knowledge about when the "keeping it real goes wrong" won't be there at your local bank anymore.
I'm not saying any lender that's 25 is an idiot or the 65 year old is a genius but like always you need to play out your own worst case scenarios out before signing the line even if your lender is requiring you to do that. |
Look out below BS
