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| Know your customers.
I had a heck of a time trying to get an appointment with a loan officer to buy a farm. I had most of the money in checking to buy the whole deal and had the house already sold. I just wanted to borrow the money so I did not rob one enterprise to feed another.
Any way I was later told he didn't want to waste his time on me. I drove an old pickup and just had a plain semi that wasn't flashy. In short he thought I was broke.
Another banker wouldn't give me a letter of credit to go to a auction. I was told they just didn't give them to every one. Wife and I had the FDIC limit and then some in that bank.
Both of these Bankers had good predecessors that knew what was going on and would give real time authorization if I needed it. They knew me and knew I wouldn't make a play unless I could cover it at least 2 different ways.
The Bank I like to work with now is pretty good. I called on a Friday about a land loan. They offered to meet the next week. When I explained that I just found out about the auction and it was the next day I was given an amount I could borrow in that conversation. They even offered to come to the sale with me in case I needed more than that amount. | |
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Describe Your Ideal Ag Lender?
