When in the market to purchase Farmland or refinance a Farm Mortgage, there are not many lenders that are well versed in the market. This is aside from the fact that the property is a business and the property is rural. A combination that most Mortgage Funders stay far away from. Rural Property Mortgages are a specialty on their own as the comparable properties most often do not exist. Comparables or “comps” are one of the main value verification factors when a Mortgage Company considers lending on a property.
What this means is that the Mortgage Lender will look for sales of properties in your general area for a few recent sales of property which is similar to the one you are looking to purchase or refinance. What is meant by “similar” is that the acreage, buildings, other characteristics as well as price should be close to the value that your property has been appraised or valuated at.
With Rural Mortgage Applications, this can be quite a challenge because the volume of sales in the rural community is just not as high as that of an urban centre. This makes the valuation or “comps” very difficult to come by.
Every farm operation has its own unique financial requirements, we have available a wide range of financial solutions for your Agricultural Finance needs including: Operational Credit Lines for cashflow assistance and expenses such as feed, fertilizer, seed, and labor, as well as for such expenditures as rent, taxes, insurance, and day-to-day living.
A Farm Mortgage can be used for the purchase, improvement, or refinancing of debt on farms, ranches, facilities in Rural Real Estate.
Equipment Loans are also for the purchase or tractors, trucks, farm machinery, irrigation systems, or any other Commercial Equipment. Financing for virtually all equipment and machinery used in the agricultural sector. Power Generating Systems Loans (i.e. windmills, natural gas, oil, solar, etc.) and Private Funding available.
IMM Financial has a division dedicated exclusively to Commercial Equipment Leasing. Click here to be directed to the Equipment Leasing page.