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First time farmer first time lost!!
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cornholio
Posted 10/28/2009 06:47 (#903004 - in reply to #902923)
Subject: Re: First time farmer first time lost!!


I'll second the comment about double-cropping being a high risk gamble. It could work out great but could just as easily fail. For the past year I've been on the board of a bank that makes a lot of crop loans and it has taught me a lot. Everyone who is telling you to be open and honest with your banker is 100% right. The sooner you start talking to him the better chance you have of coming up with a plan. The biggest thing in your favor right now is that these higher commodity prices are going to make projections for next year look pretty darn good on paper. Banking decisions seem to be about 75% strictly looking at the numbers (collateral, etc.) and 25% looking at the person's character, work ethic and so forth. They'll be much more likely to stick with you if you show them you've got your priorities straight. DO NOT go buy a new 4-wheeler or take a big hunting trip or blow money on something you don't need. If you do something like that it is really going to hurt your case right now. Good Luck.
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