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n. Illinois | There are such loans.
Farmer Mac for one offers a line of credit that is secured by a 1st mortgage on farm land that has a 5 year draw period followed by a 20 year payback if you still have a balance on it. Please be careful with them, They can get you into a financial difficult situation if you do not use it properly. I have witnessed it more than once.
Farmer Mac limits the loan to av at a low % and their underwriting standards for them are very high too.
Local community banks that have an Ag Lender who actually knows what he/she is doing should be willing to offer them. Farm Credit just depends on the local entity you deal with. | |
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Multi year operating loans? (Locking in lower interest) or a real estate equity line of credit?