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Amherst WI | I realize some people really think they are wonderful. However after that experience I won’t borrow a pen from that place for the rest of my life.
I couldn’t figure what was wrong, my new banker couldn’t figure what what was wrong but they already had the wheels in motion to get us out of there.
It took me a year to figure out why. Then I saw the appraisal they had done line item by line item they provided to our next lender. And there it was plain as day, several pieces of equipment not even on there. Equipment I personally drove around and showed their in house appraiser who never put it in the sheet.
After that experience I don’t want anything to do with these lenders that can’t make a local decision. I couldn’t figure it out and because they refused to share with us why and all the people who were making this decision didn’t know me from Adam and just knew me as an excel spreadsheet which in all honesty they were just doing what they could with the (bad) information they had. They were 2-3 layers above the local people we always dealt with.
Oh and all this is after they had our newly built and financed by them beef barn on my projections as an annual expense under “other”. That I corrected with them. After they had one of their goons sitting at my kitchen table wondering where $120,000 was if it was in the other category like it was spent at a casino.
That year I came within $5000 on my projections, so please don’t tell me to get my house in order.
I’m younger, most my assets are machinery and cattle. I realize I’m not the several hundred acres of paid for ground type people FC wants to work with. But I about throw up when they claim to be helping the younger farmers with their young farmer program. They taught us a lot, and most of that was on our way out the door. I learned more on lending and farm financials in 4 months than I learned the previous 18 years of farming and 2 years of college before that. | |
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